Options Skew Analytics

HYG option chain

Strikes around the forward, as they were quoted at the close

Data as of 22 September 2026 (end of day)

2026-10-30(38 days)ATM 4.25%±1.08skew +2.11
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$13.55$13.85—$65.00—————
9833$9.60$9.85—$69.00—————
—————$75.009.38%$0.04$0.0920
2,0761$3.10$3.35—$75.50—————
—————$76.007.72%$0.06$0.1150
—————$77.006.38%$0.12$0.1750
—————$77.505.71%$0.17$0.2360
02$0.78$0.89—$78.005.02%$0.25$0.3215650
032$0.40$0.49—$78.504.30%$0.37$0.473,20325
8115$0.14$0.213.60%$79.00—$0.64$0.7636
0156$0.03$0.083.37%$79.50—————
05$0.01$0.043.73%$80.00—$1.54$1.77180
—————$80.50—$2.06$2.2812,076
—————$81.00—$2.55$2.783983
—————$81.50—$3.00$3.3010

Forward $78.53. The 25-delta put carries +2.11 volatility points over the 25-delta call.

2026-12-18(87 days)ATM 5.55%±2.12skew +3.45
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$68.0015.53%$0.05$0.1015,39265
036$9.00$10.50—$69.0014.64%$0.06$0.1220,2200
0871$8.05$9.30—$70.0013.22%$0.07$0.11115,1105,001
01$7.00$8.50—$71.0012.55%$0.09$0.1519,1010
—————$72.0011.66%$0.12$0.1819,3360
—————$73.0010.60%$0.15$0.2117,941500
—————$74.009.58%$0.20$0.25227,0324,600
04$3.05$4.35—$75.008.40%$0.27$0.28712,16318,003
—————$76.007.42%$0.34$0.4148,2612
—————$77.006.43%$0.48$0.59168,903521
0454$0.79$0.94—$78.005.63%$0.76$0.90126,4242
25064,469$0.19$0.293.97%$79.00—$1.29$1.54139,2745,003
56266,469$0.03$0.063.53%$80.00—$1.90$2.942240
07,932$0.01$0.044.30%$81.00—$2.50$3.951800
—————$82.00—$3.70$5.003850
—————$83.00—$4.60$6.65720
—————$84.00—$5.45$6.95230
—————$85.00—$6.40$8.00520
—————$86.00—$7.40$8.90400
—————$87.00—$8.40$9.80590
—————$88.00—$9.40$10.9050

Forward $78.04. The 25-delta put carries +3.45 volatility points over the 25-delta call.

2027-01-15(115 days)ATM 5.46%±2.39skew +3.23
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$70.0012.43%$0.13$0.14170,65120,004
04$2.96$4.40—$75.008.17%$0.33$0.44108,80549,255
010$2.56$2.84—$76.007.11%$0.40$0.56148,89415,000
03$1.61$1.85—$77.006.17%$0.56$0.742,1930
0322$0.80$1.045.45%$78.00—$0.86$1.0650,9827
20,004199$0.25$0.313.88%$79.00—$1.36$1.49120,4372,039
1566,230$0.04$0.083.40%$80.00—$1.65$2.6565,3700
014,406$0.02$0.074.29%$81.00—————
—————$82.00—$3.60$4.955280
—————$83.00—$4.65$5.90590
—————$84.00—$5.65$6.95700
—————$85.00—$6.40$7.90560
—————$86.00—$7.40$8.90200
—————$87.00—$8.40$9.90610
—————$88.00—$9.40$10.90290
—————$89.00—$10.00$12.4030
—————$90.00—$10.90$13.30770
—————$91.00—$11.90$14.3040
—————$95.00—$15.85$18.2540
—————$100.00—$20.50$23.50270
—————$105.00—$25.45$28.4540

Forward $77.96. The 25-delta put carries +3.23 volatility points over the 25-delta call.

How to read this

Calls on the left, puts on the right, the strike between them — the layout every chain uses. Each block is one expiration, and the heading carries its days to expiry, the at-the-money implied volatility, and the one-standard-deviation move that volatility implies over that time.

Only the 21 strikes nearest the forward are stored, which is the part of the board that carries the volume. The shaded side is in the money: below the forward for calls, above it for puts.

Implied volatility is shown on the out-of-the-money side only. An in-the-money option is nearly all intrinsic value quoted on a wide market, so a volatility solved from it would look authoritative and mean very little. The price is still shown, because the price is real; the blank is deliberate.