Options Skew Analytics

IBM option chain

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

Data as of 24 September 2026 (end of day)

2026-09-25(1 day)ATM 34.73%±4.13skew -2.42
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
08$26.35$29.15—$200.00—————
05$23.70$26.65—$202.50—————
03$21.20$24.15—$205.00—————
01$18.70$21.65—$207.50—————
2229$16.20$19.20—$210.00—————
034$11.65$14.10—$215.0046.10%$0.01$0.03462380
710$9.15$11.25—$217.5041.58%$0.03$0.05506352
81140$6.40$8.60—$220.0037.39%$0.07$0.11830805
7447$4.10$6.80—$222.5034.90%$0.21$0.301,194812
278156$2.71$3.20—$225.0033.95%$0.66$0.801,090916
583358$1.33$1.7134.84%$227.50—$1.63$1.96918502
1,483785$0.65$0.7336.37%$230.00—$3.20$3.80582211
1,608778$0.25$0.3037.73%$232.50—$4.80$6.30217113
9051,156$0.10$0.1340.33%$235.00—$7.60$8.5039638
1,196479$0.06$0.0845.69%$237.50—$9.60$11.5012417
1,1752,520$0.04$0.0550.77%$240.00—$12.45$14.0019648
3881,565$0.02$0.0455.56%$242.50—$14.15$17.35124154
6172,145$0.02$0.0361.58%$245.00—$17.20$18.40434
—————$247.50—$19.15$21.055988
4143,199$0.01$0.0271.41%$250.00—$22.20$24.25232298
—————$252.50—$24.15$26.3551194

Forward $227.22. The 25-delta put carries -2.42 volatility points over the 25-delta call.

2026-10-02(8 days)ATM 32.60%±10.98skew -0.31
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
03$26.60$29.45—$200.00—————
01$21.65$23.80—$205.0036.18%$0.09$0.146423
124$17.40$19.45—$210.0034.95%$0.25$0.35942218
—————$212.5033.88%$0.37$0.52156112
08$12.40$14.95—$215.0033.63%$0.62$0.801,268719
40$9.10$12.15—$217.5033.24%$0.94$1.2210596
215112$8.90$10.00—$220.0033.01%$1.50$1.72466220
155$7.05$7.70—$222.5033.79%$2.18$2.7010173
209219$5.45$5.85—$225.0032.70%$3.15$3.35313443
147103$4.20$4.5032.60%$227.50—$4.25$4.55147145
638273$3.10$3.4032.66%$230.00—$5.65$5.951,001138
66134$2.28$2.6133.37%$232.50—$7.25$8.0517527
372593$1.65$1.8233.32%$235.00—$9.10$9.6513867
508268$1.20$1.3834.27%$237.50—$11.10$12.055834
434660$0.85$0.9734.63%$240.00—$13.15$14.9013113
152221$0.60$0.6935.19%$242.50—$14.55$16.60272
420744$0.44$0.5336.35%$245.00—$17.20$18.65541
49178$0.31$0.4237.46%$247.50—$19.30$21.20510
7861,438$0.24$0.3038.37%$250.00—$21.80$23.60345
—————$252.50—$24.15$26.10250
31424$0.12$0.1739.98%$255.00—$26.65$29.1070

Forward $227.45. The 25-delta put carries -0.31 volatility points over the 25-delta call.

2026-10-09(15 days)ATM 32.55%±15.02skew -0.48
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
08$27.00$29.70—$200.00—————
12$22.00$24.90—$205.0035.16%$0.40$0.572230
272$17.35$20.20—$210.0032.96%$0.73$0.896377
—————$212.5033.11%$0.98$1.371220
019$12.55$15.80—$215.0032.27%$1.38$1.6816985
02$11.60$13.95—$217.5032.22%$1.93$2.2520120
2039$10.15$11.90—$220.0032.18%$2.63$2.9516134
11$8.45$10.60—$222.5033.35%$3.50$4.20820
5742$7.15$7.60—$225.0032.48%$4.50$4.9510084
3620$5.85$6.20—$227.5032.53%$5.70$6.15920
62239$4.75$5.0532.61%$230.00—$7.00$7.5530870
511$3.70$4.1032.49%$232.50—$8.55$9.1526
22109$3.00$3.2532.79%$235.00—$10.30$11.0519012
1613$2.25$2.5932.70%$237.50—$12.10$13.151622
236321$1.90$2.0333.48%$240.00—$13.20$15.25462
4126$1.38$1.6433.56%$242.50—————
59206$1.11$1.3034.18%$245.00—$17.50$19.40380
—————$247.50—$20.20$22.9510
176488$0.68$0.7634.85%$250.00—$22.05$24.65757
7189$0.39$0.5135.99%$255.00—$26.75$29.50100
—————$257.50—$29.20$31.50—0

Forward $227.60. The 25-delta put carries -0.48 volatility points over the 25-delta call.

2026-10-16(22 days)ATM 32.45%±18.15skew -0.30
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0240$22.85$24.50—$205.0034.06%$0.81$0.962,845252
—————$207.5034.16%$1.09$1.334319
01,702$18.75$20.30—$210.0033.63%$1.46$1.613,01189
11$16.60$18.60—$212.5033.29%$1.86$2.0641151
71,826$14.65$15.55—$215.0033.04%$2.38$2.602,758197
30$12.95$14.80—$217.5033.06%$3.05$3.30618
18517$11.20$12.50—$220.0032.79%$3.80$4.054,661422
08$9.95$10.70—$222.5032.77%$4.70$5.005558
582,613$8.50$9.10—$225.0032.47%$5.70$6.001,605151
13970$7.20$7.60—$227.5032.48%$6.90$7.20127100
5592,274$6.05$6.4032.41%$230.00—$8.25$8.701,045113
844$5.05$5.3532.40%$232.50—$9.70$10.651991
3362,485$4.20$4.5032.62%$235.00—$11.35$12.404,02426
9301$3.50$3.8033.01%$237.50—$12.25$14.4061
2903,399$2.88$3.2033.33%$240.00—$14.90$15.951,07088
941$2.32$2.6233.35%$242.50—$16.90$18.1010
3151,227$1.91$2.1433.60%$245.00—$18.80$20.1535911
8262$1.57$1.7633.93%$247.50—$19.90$22.1010
1,2753,920$1.30$1.3633.98%$250.00—$23.05$24.4037519
626$0.90$1.2434.17%$252.50—————
2022,771$0.85$1.0035.05%$255.00—$27.25$29.154852

Forward $227.85. The 25-delta put carries -0.30 volatility points over the 25-delta call.

2026-10-23(29 days)ATM 46.63%±29.97skew -0.08
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$47.10$50.25—$180.00—————
—————$185.0049.58%$0.69$1.002210
03$38.25$40.95—$190.0048.57%$1.05$1.3668449
60$33.80$36.40—$195.0047.65%$1.55$1.853219
01$29.60$32.20—$200.0046.71%$2.24$2.4665591
018$25.15$26.95—$205.0046.09%$3.05$3.4512981
—————$210.0046.37%$4.40$4.7528147
23$18.45$20.40—$215.0045.88%$5.90$6.2011924
1611$15.25$17.80—$220.0046.07%$7.75$8.2512323
1320$13.00$13.60—$225.0046.38%$10.10$10.5523324
78141$10.85$11.1546.63%$230.00—$12.80$13.156425
17199$8.55$9.1046.22%$235.00—$15.60$16.351294
260232$7.00$7.3046.56%$240.00—$18.65$19.956824
89113$5.15$5.9045.92%$245.00—$22.00$23.25760
113375$4.20$4.6546.45%$250.00—$25.40$27.551112
22152$3.25$3.7046.69%$255.00—$29.60$30.9583
38202$2.69$2.8847.37%$260.00—$33.30$36.1030
4166$1.98$2.3747.67%$265.00—$38.10$40.8020
19428$1.53$1.9748.44%$270.00—————
4399$1.28$1.5649.28%$275.00—————
137253$0.85$1.2448.96%$280.00—$51.90$55.1580

Forward $228.02. The 25-delta put carries -0.08 volatility points over the 25-delta call.

2026-10-30(36 days)ATM 44.67%±32.02skew -0.14
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$47.85$50.15—$180.0048.08%$0.66$0.85252
01$42.85$45.95—$185.0046.60%$0.93$1.10341
—————$190.0046.72%$1.41$1.67618
27$34.45$37.00—$195.0046.10%$1.98$2.3010412
0106$29.85$32.85—$200.0044.78%$2.60$2.9912321
—————$205.0044.38%$3.60$4.001279
03$22.85$25.20—$210.0045.27%$5.10$5.608271
54$19.25$21.25—$215.0044.44%$6.55$7.0510224
01$16.40$18.00—$220.0044.06%$8.30$9.007713
2235$14.10$14.50—$225.0044.64%$10.80$11.359094
41124$11.50$12.3044.69%$230.00—$13.30$14.05454
2377$8.95$10.2043.86%$235.00—$15.75$17.10535
1396$7.25$8.3543.93%$240.00—$19.25$20.40580
5556$6.35$6.9045.27%$245.00—$22.05$24.00492
50440$4.80$5.3044.13%$250.00—$26.40$28.05130
24132$4.00$4.5545.41%$255.00—$29.75$32.0510
27117$3.00$3.7045.26%$260.00—$33.95$36.0020
3105$2.53$2.9545.91%$265.00—$38.70$40.5001
94174$1.95$2.4146.17%$270.00—$42.80$45.3520
954$1.72$1.9447.15%$275.00—————
1657$1.36$1.7848.34%$280.00—$52.10$54.8010

Forward $228.22. The 25-delta put carries -0.14 volatility points over the 25-delta call.

2026-11-06(43 days)ATM 43.06%±33.76skew +0.08
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0—$48.00$51.00—$180.00—————
0—$43.45$46.40—$185.00—————
0—$39.05$41.90—$190.00—————
0—$34.50$37.60—$195.0043.63%$1.80$2.89—8
0—$30.50$33.50—$200.0043.93%$3.00$3.65—19
0—$26.70$29.65—$205.0041.58%$2.98$4.95—1
1—$23.40$26.05—$210.0043.26%$5.25$6.25—4
0—$20.00$22.75—$215.0042.66%$6.05$8.50—0
2—$16.95$19.05—$220.0042.74%$8.45$10.10—2
6—$14.40$16.15—$225.0043.47%$11.10$12.45—7
11—$11.85$13.4042.89%$230.00—$13.20$15.15—0
6—$10.05$12.0544.61%$235.00—$15.85$17.95—0
1—$7.50$10.6044.10%$240.00—$19.35$21.25—0
1—$6.65$8.7044.83%$245.00—$22.20$24.85—0
1—$5.35$6.4543.34%$250.00—$25.70$28.85—0
1—$3.90$5.5543.17%$255.00—$29.65$32.30—0
14—$3.45$4.3543.68%$260.00—$33.75$36.40—0
1—$2.42$3.7043.43%$265.00—$38.05$41.10—0
—————$270.00—$42.50$45.50—0
—————$275.00—$47.05$49.85—0
3—$1.20$1.9544.11%$280.00—$51.70$54.75—0

Forward $228.44. The 25-delta put carries +0.08 volatility points over the 25-delta call.

2026-11-20(57 days)ATM 41.97%±37.70skew +0.38
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0242$53.25$55.75—$175.00—————
322$48.55$50.95—$180.0043.50%$1.23$1.5558714
024$44.15$46.15—$185.0043.58%$1.85$2.1261811
062$39.20$42.35—$190.0043.03%$2.48$2.791,44946
050$35.15$38.25—$195.0042.86%$3.35$3.7031037
1190$31.40$33.65—$200.0042.22%$4.35$4.651,891121
0228$27.50$29.50—$205.0042.13%$5.70$5.9598854
15366$24.15$26.35—$210.0041.89%$7.20$7.501,11545
2382$21.25$22.50—$215.0041.88%$9.05$9.3586943
86378$18.50$19.25—$220.0041.73%$11.05$11.501,13842
56332$15.75$16.35—$225.0042.11%$13.40$14.2071372
180890$13.40$14.0041.99%$230.00—$16.05$16.601,71381
126707$11.25$11.8541.71%$235.00—$19.00$19.7552916
862,290$9.45$9.9041.51%$240.00—$22.15$22.7574661
711,030$7.80$8.4041.50%$245.00—$25.45$26.451632
2391,816$6.70$6.9041.69%$250.00—$29.25$29.8055317
491653$5.50$5.8541.84%$255.00—$33.15$33.55176663
602855$4.50$4.8041.75%$260.00—$36.80$38.152232
175573$3.65$4.1042.02%$265.00—$40.50$42.8010722
313627$3.00$3.3542.08%$270.00—$44.80$47.304322
635,970$2.50$2.9842.87%$275.00—$48.95$51.251560

Forward $227.26. The 25-delta put carries +0.38 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.