Options Skew Analytics

IREN option chain

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

Data as of 25 September 2026 (end of day)

2026-10-02(7 days)ATM 71.90%±4.39skew -1.80
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
112231$5.10$5.35—$39.0072.04%$0.21$0.231,746755
12941$4.65$4.90—$39.5071.91%$0.27$0.30511453
315791$4.25$4.50—$40.0071.49%$0.34$0.383,7642,533
4662$3.85$4.10—$40.5070.77%$0.44$0.458122,807
170745$3.45$3.70—$41.0071.15%$0.55$0.581,0831,351
29156$3.15$3.30—$41.5071.99%$0.68$0.75290919
386711$2.87$2.99—$42.0071.73%$0.84$0.891,9471,360
625178$2.55$2.63—$42.5071.65%$1.03$1.057152,419
553608$2.25$2.34—$43.0071.69%$1.22$1.261,2111,443
609276$1.99$2.08—$43.5072.64%$1.45$1.52450564
2,5361,793$1.77$1.80—$44.0072.01%$1.70$1.732,1011,514
1,495317$1.52$1.5871.88%$44.50—$1.98$2.04812432
5,3601,582$1.33$1.3772.27%$45.00—$2.27$2.351,5191,250
1,402444$1.14$1.1972.41%$45.50—$2.59$2.671,068381
3,9771,014$1.01$1.0373.42%$46.00—$2.93$3.10916270
1,185365$0.84$0.9073.41%$46.50—$3.25$3.45748198
3,280968$0.72$0.7773.75%$47.00—$3.65$3.852,658276
444381$0.60$0.6673.79%$47.50—$4.05$4.2522042
2,5022,261$0.53$0.5674.67%$48.00—$4.45$4.6581983
1,493807$0.45$0.4975.47%$48.50—$4.85$5.103,06538
1,2921,168$0.38$0.4275.93%$49.00—$5.25$5.5041868

Forward $44.07. The 25-delta put carries -1.80 volatility points over the 25-delta call.

2026-10-09(14 days)ATM 72.10%±6.23skew -3.41
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
12129$5.50$5.75—$39.0071.62%$0.57$0.65577581
115$5.15$5.40—$39.5071.33%$0.66$0.7763116
306164$4.75$5.00—$40.0071.32%$0.81$0.872,143372
736$4.40$4.65—$40.5071.88%$0.94$1.0529127
113182$4.05$4.30—$41.0071.84%$1.10$1.204061,612
414$3.75$3.95—$41.5071.79%$1.25$1.3928110
455290$3.45$3.65—$42.0071.88%$1.44$1.58510477
2,05943$3.15$3.35—$42.5072.22%$1.65$1.8059146
90301$2.95$3.10—$43.0072.21%$1.89$2.00412195
16913$2.69$2.86—$43.5072.31%$2.12$2.2569151
435552$2.46$2.62—$44.0072.67%$2.39$2.51386142
10949$2.24$2.3472.10%$44.50—$2.67$2.7830102
574736$2.05$2.1372.53%$45.00—$2.97$3.15307294
239187$1.85$1.9472.66%$45.50—$3.25$3.4518274
511670$1.67$1.7772.96%$46.00—$3.55$3.8021190
30697$1.52$1.5973.14%$46.50—$3.90$4.1025674
235659$1.35$1.4673.37%$47.00—$4.25$4.5030936
121275$1.22$1.3273.69%$47.50—$4.60$4.85274
6322,258$1.10$1.1973.95%$48.00—$5.00$5.25357467
144178$1.00$1.0974.69%$48.50—$5.35$5.65362
305890$0.93$0.9775.29%$49.00—$5.75$6.053478

Forward $44.09. The 25-delta put carries -3.41 volatility points over the 25-delta call.

2026-10-16(21 days)ATM 74.13%±7.84skew -3.02
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
14912$5.95$6.20—$39.0072.71%$1.00$1.055,686362
70$5.60$5.85—$39.5072.39%$1.11$1.20136301
4377,238$5.25$5.50—$40.0072.76%$1.30$1.346,0621,514
207$4.95$5.15—$40.5072.88%$1.45$1.53948748
401,168$4.60$4.85—$41.0072.64%$1.63$1.696,152920
2617$4.30$4.55—$41.5072.98%$1.82$1.9180422
1073,283$4.05$4.25—$42.0072.71%$2.02$2.102,4281,760
658$3.80$3.95—$42.5073.00%$2.24$2.34772532
2221,441$3.55$3.70—$43.0073.07%$2.48$2.571,422635
8929$3.25$3.45—$43.5073.19%$2.73$2.82324588
6342,132$3.10$3.20—$44.0074.06%$2.99$3.151,929444
1966$2.89$2.9574.00%$44.50—$3.25$3.4544869
2,4735,991$2.69$2.7474.24%$45.00—$3.55$3.702,741356
10130$2.49$2.5474.31%$45.50—$3.85$4.053840
448746$2.30$2.3674.45%$46.00—$4.15$4.3574825
8355$2.14$2.1974.81%$46.50—$4.50$4.70277
4,0534,100$1.97$2.0374.90%$47.00—$4.80$5.001,04215
51348$1.79$1.8874.73%$47.50—$5.15$5.3512582
8373,241$1.69$1.7475.44%$48.00—$5.55$5.751,63413
36122$1.53$1.6275.40%$48.50—$5.90$6.15483
2761,323$1.42$1.5075.77%$49.00—$6.30$6.5038786

Forward $44.08. The 25-delta put carries -3.02 volatility points over the 25-delta call.

2026-10-23(28 days)ATM 73.86%±9.03skew -4.28
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$10.35$10.65—$34.0075.25%$0.38$0.431,664117
260$9.45$9.75—$35.0073.92%$0.49$0.54566403
251$8.60$8.95—$36.0073.99%$0.67$0.70531497
047$7.80$8.10—$37.0072.85%$0.81$0.90256220
525$7.05$7.35—$38.0072.27%$1.05$1.10627540
1017$6.35$6.65—$39.0073.07%$1.35$1.42707471
7532$5.65$5.95—$40.0072.66%$1.67$1.721,075529
375$5.05$5.35—$41.0072.06%$1.97$2.11568256
6355$4.50$4.75—$42.0072.90%$2.41$2.58889230
58250$4.00$4.25—$43.0072.90%$2.87$3.05296112
166161$3.55$3.75—$44.0074.03%$3.45$3.601,062272
1141,001$3.10$3.3073.86%$45.00—$4.00$4.2044151
76225$2.77$2.8574.05%$46.00—$4.55$4.80719
169253$2.42$2.5474.66%$47.00—$5.20$5.50784113
92409$2.12$2.2875.57%$48.00—$5.90$6.152118
519467$1.83$2.0175.75%$49.00—$6.60$6.904532
8671,376$1.62$1.7676.36%$50.00—$7.40$7.7010454
298522$1.40$1.5776.92%$51.00—$8.15$8.50620
273413$1.24$1.3677.36%$52.00—$9.00$9.305132
76306$1.08$1.1977.73%$53.00—$9.85$10.20384
173469$0.95$1.0978.96%$54.00—$10.70$11.10100

Forward $44.13. The 25-delta put carries -4.28 volatility points over the 25-delta call.

2026-10-30(35 days)ATM 74.62%±10.21skew -4.60
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
04$10.55$10.90—$34.0075.70%$0.55$0.6443472
7238$9.70$10.05—$35.0075.59%$0.74$0.791,104306
18$8.90$9.25—$36.0075.42%$0.93$1.00207594
2026$8.15$8.50—$37.0074.19%$1.12$1.20234316
125$7.45$7.75—$38.0074.24%$1.39$1.48582475
2029$6.75$7.05—$39.0073.84%$1.70$1.76301209
23228$6.10$6.45—$40.0074.45%$2.07$2.151,488548
743$5.55$5.85—$41.0074.56%$2.37$2.65159171
6352$4.95$5.25—$42.0075.52%$2.89$3.1039891
4069$4.50$4.70—$43.0074.62%$3.30$3.55225156
292126$4.10$4.25—$44.0075.24%$3.85$4.1017250
492190$3.60$3.8074.61%$45.00—$4.40$4.7018896
77456$3.20$3.4074.67%$46.00—$5.00$5.30545
390172$2.87$3.1075.65%$47.00—$5.65$5.954651
76193$2.56$2.7976.11%$48.00—$6.30$6.6511033
68139$2.22$2.5175.98%$49.00—$7.00$7.351291
1,2071,134$2.04$2.2577.05%$50.00—$7.75$8.1012824
244386$1.81$2.0277.42%$51.00—$8.55$8.85532
25156$1.56$1.8077.18%$52.00—$9.30$9.70760
152294$1.45$1.6378.52%$53.00—$10.15$10.50670
47101$1.27$1.4478.44%$54.00—$11.00$11.35240

Forward $44.20. The 25-delta put carries -4.60 volatility points over the 25-delta call.

2026-11-06(42 days)ATM 80.20%±12.03skew -4.73
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0—$10.85$11.25—$34.0079.06%$0.83$0.95—204
0—$10.05$10.50—$35.0078.27%$1.00$1.15—161
0—$9.30$9.70—$36.0079.35%$1.27$1.45—97
1—$8.60$9.00—$37.0078.42%$1.50$1.70—110
11$7.95$8.30—$38.0078.06%$1.79$2.001078
—————$39.0078.34%$2.16$2.351640
40$6.70$7.05—$40.0078.57%$2.55$2.75156161
—————$41.0078.84%$2.97$3.2069144
20$5.60$5.95—$42.0078.99%$3.40$3.7021563
610$5.10$5.45—$43.0079.14%$3.90$4.2051228
1365$4.65$5.00—$44.0079.54%$4.45$4.75039
1627$4.30$4.6080.55%$45.00—$5.00$5.354048
7727$3.85$4.2080.18%$46.00—$5.60$6.00361
16853$3.55$3.8580.99%$47.00—$6.25$6.65168
1400$3.20$3.5080.89%$48.00—$6.90$7.25044
290$2.91$3.2081.26%$49.00—$7.60$7.9501
300440$2.64$2.8280.66%$50.00—$8.35$8.70152
42$2.33$2.6581.13%$51.00—————
700$2.18$2.3881.75%$52.00—————
653$1.98$2.2182.49%$53.00—————
014$1.79$2.0282.79%$54.00—$11.45$11.9010

Forward $44.23. The 25-delta put carries -4.73 volatility points over the 25-delta call.

2026-11-20(56 days)ATM 83.18%±14.43skew -2.28
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
040$13.90$14.25—$31.0084.04%$0.80$0.903,85166
0136$13.05$13.40—$32.0084.17%$1.01$1.08826124
0492$12.25$12.60—$33.0083.20%$1.17$1.282,830123
3432$11.50$11.85—$34.0083.38%$1.43$1.5291729
14,997$10.80$11.10—$35.0083.13%$1.70$1.777,573401
3146$10.05$10.40—$36.0082.92%$2.00$2.053,705282
6297$9.40$9.75—$37.0082.92%$2.29$2.423,65078
12468$8.75$9.10—$38.0082.73%$2.63$2.781,217184
4635$8.15$8.50—$39.0082.38%$3.00$3.151,275154
1,3294,179$7.65$7.90—$40.0082.46%$3.45$3.555,4101,116
139,370$7.05$7.35—$41.0082.05%$3.85$4.001,59634
385,553$6.65$6.85—$42.0082.36%$4.35$4.501,855323
79957$6.15$6.35—$43.0082.59%$4.85$5.051,69288
91588$5.70$5.90—$44.0082.76%$5.40$5.6051832
6252,645$5.30$5.4582.79%$45.00—$6.00$6.206,89597
1071,370$4.90$5.1083.17%$46.00—$6.60$6.8567729
701,999$4.50$4.7583.18%$47.00—$7.20$7.451,11918
1091,393$4.20$4.4083.56%$48.00—$7.90$8.109069
971,059$3.85$4.1083.60%$49.00—$8.55$8.757042
1,25222,312$3.60$3.7583.68%$50.00—$9.30$9.5097936
3833,886$2.45$2.5985.01%$55.00—$13.10$13.353,63750

Forward $44.30. The 25-delta put carries -2.28 volatility points over the 25-delta call.

2026-12-18(84 days)ATM 83.63%±17.83
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
51,157$14.40$15.35—$31.0084.01%$1.45$1.52849121
7521$13.75$14.80—$32.0083.63%$1.65$1.791,28981
234$13.00$13.80—$33.0083.10%$1.86$2.082,35318
0107$12.35$13.40—$34.0082.63%$2.17$2.3246861
61,254$11.65$12.60—$35.0083.18%$2.54$2.6725,540188
0222$11.15$12.00—$36.0082.73%$2.87$2.9948673
3521$10.45$11.45—$37.0082.96%$3.20$3.4563013
19310$9.90$10.50—$38.0082.53%$3.55$3.857,30161
0178$9.30$10.00—$39.0082.46%$4.05$4.201,040119
1443,834$8.80$9.25—$40.0082.39%$4.45$4.705,401595
25389$8.30$8.65—$41.0082.64%$5.00$5.151,03942
205703$7.85$8.30—$42.0082.58%$5.45$5.701,29958
62669$7.45$7.70—$43.0082.54%$6.00$6.2048812
115602$7.00$7.20—$44.0082.52%$6.55$6.7531461
1674,896$6.60$6.8082.72%$45.00—$7.05$7.354,292235
101610$6.20$6.5583.55%$46.00—$7.50$8.0033540
351,603$5.80$6.2083.54%$47.00—$8.35$8.6043013
46403$5.45$5.8583.58%$48.00—$8.90$9.3040824
11272$5.20$5.5084.00%$49.00—$9.70$9.907861
5288,946$4.85$5.0583.00%$50.00—$10.40$10.601,67843
3304,785$3.65$3.8084.37%$55.00—$13.85$14.401,0483

Forward $44.45. Not enough surviving quotes on both wings to measure the skew here.

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.