Options Skew Analytics

KGC option chain

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

Data as of 9 November 2026 (end of day)

2026-11-13(4 days)ATM 56.23%±1.35skew +3.22
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
120$6.55$7.30—$16.00—————
70$5.55$6.30—$17.00—————
30$4.65$5.25—$18.00—————
20$3.85$4.75—$18.50—————
40$3.65$4.25—$19.00—————
37$2.95$3.80—$19.50—————
112$2.65$3.20—$20.00—————
338$2.10$3.35—$20.5067.99%$0.03$0.0411270
175$1.53$2.39—$21.0065.34%$0.05$0.0830319
26337$1.50$1.91—$21.5061.46%$0.09$0.1315021
39126$1.10$1.18—$22.0059.12%$0.16$0.237937
30131$0.76$0.83—$22.5057.44%$0.29$0.387014
84178$0.52$0.5556.26%$23.00—$0.50$0.59102
54438$0.31$0.3455.89%$23.50—$0.81$0.89100
165180$0.17$0.2055.90%$24.00—$1.20$1.2640
4363$0.09$0.1257.21%$24.50—$1.21$1.9610
—————$25.00—$1.69$2.24183
—————$27.00—$3.35$5.0502
—————$28.00—$4.35$5.7501
—————$28.50—$5.25$5.7503
—————$29.50—$5.70$7.2001

Forward $22.99. The 25-delta put carries +3.22 volatility points over the 25-delta call.

2026-11-20(11 days)ATM 51.07%±2.04skew +4.55
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
020$4.50$6.30—$18.00—————
0—$4.20$5.40—$18.50—————
01$3.70$4.45—$19.00—————
0—$3.00$4.60—$19.50—————
0326$2.99$3.30—$20.00—————
0—$2.32$3.50—$20.5057.01%$0.11$0.16—2
19107$2.03$2.43—$21.0054.18%$0.15$0.232,03818
12—$1.71$1.78—$21.5055.01%$0.29$0.33—18
12393$1.34$1.41—$22.0052.42%$0.39$0.462,89626
472$1.03$1.09—$22.5051.67%$0.56$0.657315
371,898$0.76$0.8251.12%$23.00—$0.78$0.892,1982
13196$0.54$0.6050.64%$23.50—$1.05$1.18390
421,791$0.38$0.4451.10%$24.00—$1.39$1.511,3493
1522$0.26$0.2950.46%$24.50—$1.79$1.8910
2203,846$0.17$0.2251.59%$25.00—$1.92$2.503,2630
078$0.11$0.1753.00%$25.50—$2.25$3.6560
0349$0.07$0.1052.10%$26.00—$2.94$3.454580
018$0.04$0.0853.45%$26.50—————
5267$0.03$0.0554.14%$27.00—$3.75$4.701,0788
—————$28.00—$4.60$6.00500
—————$29.00—$5.60$7.1050

Forward $22.95. The 25-delta put carries +4.55 volatility points over the 25-delta call.

2026-11-27(18 days)ATM 46.10%±2.35skew -0.09
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0—$8.75$11.40—$13.00—————
0—$7.75$10.40—$14.00—————
03$7.15$10.00—$15.00—————
316$2.40$4.00—$20.00—————
218$1.80$2.75—$21.0048.31%$0.22$0.3170
2566$1.81$1.90—$21.5048.28%$0.33$0.45130
175$1.47$1.55—$22.0047.35%$0.46$0.6120
319$1.17$1.25—$22.5046.83%$0.65$0.8050
653$0.86$0.9946.27%$23.00—$0.88$1.0320
07$0.61$0.7745.32%$23.50—$1.16$1.3310
117$0.50$0.6047.19%$24.00—$1.50$1.6210
03$0.37$0.4647.60%$24.50—$1.88$1.9810
054$0.27$0.3648.38%$25.00—$1.70$2.50620
01$0.17$0.2848.19%$25.50—$2.05$3.2530
08$0.14$0.2049.14%$26.00—————
—————$27.00—$3.45$4.8510

Forward $22.97. The 25-delta put carries -0.09 volatility points over the 25-delta call.

2026-12-04(25 days)ATM 45.83%±2.76skew -1.69
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$21.0047.26%$0.30$0.4410
56$1.95$2.06—$21.5047.15%$0.45$0.5730
112$1.63$1.73—$22.0048.27%$0.64$0.78170
317$1.25$1.43—$22.50—————
220$0.99$1.1845.93%$23.00—————
084$0.76$0.9645.62%$23.50—————
3239$0.50$0.7844.01%$24.00—————
987$0.45$0.6246.09%$24.50—————
5121$0.40$0.5348.84%$25.00—————
010$0.31$0.4048.58%$25.50—————
053$0.23$0.3850.69%$26.00—————
—————$27.00—$3.50$5.7018

Forward $22.97. The 25-delta put carries -1.69 volatility points over the 25-delta call.

2026-12-18(39 days)ATM 47.23%±3.56skew +1.41
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
010$7.60$10.05—$15.00—————
02$6.75$8.30—$16.00—————
09$5.60$7.30—$17.00—————
044$4.70$6.10—$18.00—————
016$3.95$5.15—$19.0051.51%$0.20$0.2452013
121,392$3.30$3.65—$20.0048.76%$0.30$0.408097
049$2.50$2.68—$21.0049.10%$0.57$0.6664426
721,375$1.86$2.03—$22.0047.78%$0.85$1.036743
101,484$1.38$1.49—$23.0047.47%$1.30$1.5085828
1161,718$0.91$1.0846.69%$24.00—$1.89$2.073874
25614$0.67$0.7748.16%$25.00—$2.56$2.731880
5137$0.40$0.5547.70%$26.00—$3.35$3.55350
20426$0.28$0.3948.95%$27.00—$4.00$5.009680
6975$0.18$0.2548.79%$28.00—————
—————$30.00—$6.70$8.2010

Forward $23.04. The 25-delta put carries +1.41 volatility points over the 25-delta call.

2027-01-15(67 days)ATM 47.17%±4.66skew -0.50
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0305$14.85$17.35—$7.00—————
0466$11.75$14.75—$10.00—————
0567$9.95$12.60—$12.00—————
01,934$7.65$8.50—$15.00—————
21,784$6.15$6.55—$17.00—————
038$5.05$5.70—$18.00—————
077$4.10$4.80—$19.00—————
472,358$3.65$3.90—$20.0047.17%$0.54$0.684,9460
063$2.95$3.10—$21.0045.72%$0.81$0.943224
41,831$2.34$2.48—$22.0045.58%$1.20$1.336,51913
54423$1.70$1.96—$23.0046.22%$1.67$1.888876
182633$1.40$1.5447.75%$24.00—$2.23$2.413344
182,987$1.05$1.2047.68%$25.00—$2.92$3.104,4680
121,061$0.75$0.8546.21%$26.00—$3.60$3.804220
272,006$0.55$0.6346.21%$27.00—$4.35$4.602,1900
—————$28.00—$5.00$5.655230
3562$0.28$0.3546.48%$29.00—$6.10$6.451,3520
—————$30.00—$7.05$7.302,2280
28781$0.17$0.2248.77%$31.00—$7.85$8.501190
—————$32.00—$8.70$9.55250
3615,176$0.07$0.1053.28%$35.00—$11.25$13.1510

Forward $23.06. The 25-delta put carries -0.50 volatility points over the 25-delta call.

2027-02-19(102 days)ATM 46.27%±5.70skew +2.23
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
055$7.80$8.65—$15.00—————
29$4.55$5.25—$19.0049.15%$0.58$0.744261
7336$4.05$4.35—$20.0048.88%$0.83$1.041,0041
223$3.35$3.60—$21.0047.65%$1.13$1.342,4058
4548$2.75$2.99—$22.0046.50%$1.44$1.764220
185$2.30$2.49—$23.0046.39%$1.92$2.241800
142,134$1.85$2.0646.27%$24.00—$2.57$2.872670
29279$1.51$1.7046.66%$25.00—$3.10$3.452,2540
676$1.12$1.4045.90%$26.00—$3.85$4.1540
0200$0.92$1.2147.30%$27.00—$4.60$4.90450
0140$0.70$0.9546.65%$28.00—$5.15$5.95270
0269$0.57$0.7947.41%$29.00—$6.05$6.75140
31280$0.47$0.5646.72%$30.00—$7.10$7.6571
821$0.36$0.5448.32%$31.00—$7.85$8.55560
154$0.29$0.4749.26%$32.00—$8.80$9.5080
—————$33.00—$9.75$10.60140

Forward $23.32. The 25-delta put carries +2.23 volatility points over the 25-delta call.

2027-05-21(193 days)ATM 47.52%±8.10skew -1.17
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
014$9.95$10.80—$13.00—————
02$8.15$9.00—$15.00—————
04$7.35$8.20—$16.0048.57%$0.37$0.5720
311$6.85$7.35—$17.0050.79%$0.57$0.94470
110$6.00$6.55—$18.0048.03%$0.81$0.991640
03$5.20$5.90—$19.0050.45%$1.20$1.4471
065$4.75$5.10—$20.0048.69%$1.54$1.644,63811
0264$4.15$4.55—$21.0047.67%$1.86$2.023565
2272$3.60$4.00—$22.0047.14%$2.20$2.532,0273
15759$3.15$3.55—$23.0047.62%$2.76$3.05150
2117$2.73$3.1047.39%$24.00—$3.25$3.65570
11,281$2.38$2.7247.53%$25.00—$3.90$4.201,0590
080$2.04$2.4247.71%$26.00—$4.40$4.852950
2245$1.82$2.1048.07%$27.00—$5.25$5.75290
156$1.42$1.9747.97%$28.00—$5.90$6.30230
087$1.31$1.6348.00%$29.00—$6.70$7.10140
0142$1.08$1.4848.15%$30.00—$7.70$7.902031
210$0.98$1.2348.12%$31.00—$8.20$8.9530
022$0.82$1.2749.86%$32.00—$8.90$10.2030
019$0.73$0.9648.58%$33.00—$9.85$10.90100
059$0.64$0.8548.92%$34.00—$9.95$12.7540

Forward $23.46. The 25-delta put carries -1.17 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.