Options Skew Analytics

MCD option chain

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

Data as of 23 September 2026 (end of day)

2026-09-25(2 days)ATM 28.19%±4.97skew -0.44
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
20$21.10$23.60—$215.00—————
41$17.20$18.60—$220.00—————
501$11.70$13.60—$225.0034.49%$0.01$0.05271,445
10$8.80$11.15—$227.50—————
1,3109$7.05$9.30—$230.00—————
1300$5.25$6.45—$232.5028.34%$0.28$0.4016316,601
3,159143$3.30$4.00—$235.0028.71%$0.80$0.955105,685
5,66522$1.98$2.40—$237.5028.15%$1.47$2.083823,400
6,57449$1.12$1.1928.76%$240.00—$2.85$3.658572,403
3,84551$0.45$0.6229.14%$242.50—$4.55$5.801,3001,491
2,547155$0.18$0.2529.38%$245.00—$6.80$8.002,2431,554
8421,299$0.10$0.1632.88%$247.50—$9.50$10.651,866346
3,4711,776$0.05$0.0935.20%$250.00—$11.65$13.101,600756
7051,444$0.01$0.0636.93%$252.50—$14.00$15.55694129
9281,873$0.02$0.0441.26%$255.00—$16.60$18.001,267446
1,0761,493$0.02$0.0547.17%$257.50—$19.05$20.7030624
1,1511,393$0.01$0.0348.65%$260.00—$21.60$23.1049687
—————$262.50—$24.10$25.00384
—————$265.00—$26.60$28.0017084
—————$267.50—$29.10$31.35010
—————$270.00—$31.60$33.2517

Forward $237.92. The 25-delta put carries -0.44 volatility points over the 25-delta call.

2026-10-02(9 days)ATM 23.28%±8.71skew -1.41
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
06$26.30$28.80—$210.00—————
050$21.30$24.05—$215.00—————
37$16.70$19.10—$220.00—————
1040$12.35$14.05—$225.0024.88%$0.23$0.3538157
20$10.30$11.70—$227.5023.83%$0.40$0.521485
24113$8.10$9.50—$230.0023.66%$0.70$0.91119819
841$6.80$7.75—$232.5023.02%$1.15$1.4021665
1,04210$5.10$5.55—$235.0023.35%$1.86$2.32133807
1,3391$3.60$4.05—$237.5023.25%$2.84$3.4054476
1,1814$2.46$2.9023.41%$240.00—$4.10$4.70334832
8880$1.66$2.0023.75%$242.50—$5.75$6.65141169
3,85653$1.15$1.3524.43%$245.00—$7.55$8.70357435
1,00582$0.65$0.8424.06%$247.50—$9.60$10.9531491
1,495334$0.40$0.5324.45%$250.00—$11.85$13.30511108
163114$0.23$0.3725.16%$252.50—$14.20$15.8513616
394532$0.17$0.2326.04%$255.00—$16.60$18.1545245
—————$257.50—$19.10$20.75745
6461,070$0.08$0.1228.23%$260.00—$21.55$23.10407123
61304$0.06$0.0929.47%$262.50—$24.10$26.55111
140533$0.04$0.0630.14%$265.00—$26.60$28.5018026
—————$267.50—$29.10$31.5030

Forward $238.21. The 25-delta put carries -1.41 volatility points over the 25-delta call.

2026-10-09(16 days)ATM 22.35%±11.16skew -0.52
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
016$26.55$29.05—$210.00—————
08$21.60$24.35—$215.00—————
53$17.40$19.30—$220.00—————
250$13.15$14.60—$225.0022.98%$0.52$0.7077135
10$10.40$12.40—$227.5022.26%$0.78$0.98017
1529$9.00$10.35—$230.0022.09%$1.26$1.4186229
111$7.75$8.50—$232.5022.10%$1.89$2.081139
951$6.05$6.85—$235.0022.18%$2.72$2.98255364
1440$4.70$5.20—$237.5022.34%$3.75$4.15273
4714$3.50$4.0022.35%$240.00—$5.00$5.45291390
1800$2.56$2.8522.03%$242.50—$6.50$7.6028130
2329$1.78$2.2022.38%$245.00—$8.25$9.30233288
2927$1.24$1.6122.62%$247.50—$10.10$11.452212
1,021142$0.83$1.1022.56%$250.00—$12.20$13.70353301
24151$0.58$0.8723.41%$252.50—$14.45$15.90165
105301$0.41$0.5323.31%$255.00—$16.80$18.3521424
610$0.27$0.4224.02%$257.50—$19.20$21.70431
156215$0.22$0.3325.11%$260.00—$21.65$23.3517922
—————$262.50—$24.10$26.60100
—————$265.00—$26.60$28.50294
—————$270.00—$31.55$34.00180

Forward $238.50. The 25-delta put carries -0.52 volatility points over the 25-delta call.

2026-10-16(23 days)ATM 21.98%±13.17skew -0.21
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
012$26.75$29.20—$210.00—————
453$22.05$24.30—$215.0024.62%$0.22$0.3097289
848$17.80$19.65—$220.0023.41%$0.45$0.56201211
51$13.55$15.10—$225.0023.02%$1.00$1.13842556
20$11.55$13.00—$227.5022.15%$1.28$1.4939110
13650$9.90$11.05—$230.0022.23%$1.89$2.062,598969
2836$8.25$9.30—$232.5022.21%$2.61$2.8049439
78029$7.05$7.50—$235.0022.26%$3.50$3.752,4001,482
4760$5.65$6.10—$237.5022.09%$4.50$4.85109407
1,37796$4.45$4.8021.95%$240.00—$5.75$6.152,0271,145
2056$3.45$3.8022.08%$242.50—$7.20$7.6524222
4,14245$2.62$2.9422.12%$245.00—$8.85$9.953,0451,175
19570$2.04$2.2622.45%$247.50—$10.65$11.9021575
3,9101,321$1.53$1.6622.47%$250.00—$12.60$14.004,403458
2,155136$1.05$1.2622.44%$252.50—$14.75$16.451471
815938$0.80$0.9522.86%$255.00—$17.00$18.151,570149
2250$0.57$0.7423.22%$257.50—$19.30$20.7530
1,3352,227$0.45$0.5423.65%$260.00—$21.65$23.152,195256
—————$262.50—$24.15$26.5011
1,0362,086$0.26$0.3424.79%$265.00—$26.60$28.45771265
8892,604$0.15$0.2125.80%$270.00—$31.50$33.451,447271

Forward $238.70. The 25-delta put carries -0.21 volatility points over the 25-delta call.

2026-10-23(30 days)ATM 22.38%±15.33skew -0.32
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
48$66.70$70.35—$170.00—————
1028$56.75$59.85—$180.00—————
626$51.80$54.90—$185.00—————
630$46.85$49.95—$190.00—————
06$41.85$45.00—$195.00—————
51$27.10$29.65—$210.00—————
332$18.55$20.15—$220.0023.02%$0.65$0.885086
180$14.65$15.90—$225.0022.80%$1.37$1.571697
171$11.05$11.85—$230.0022.08%$2.27$2.72125217
1095$7.85$8.45—$235.0022.38%$4.15$4.45167109
2813$5.30$5.8522.38%$240.00—$6.45$6.90180151
17320$3.35$3.7022.08%$245.00—$9.45$10.60278115
1,30763$2.05$2.3622.39%$250.00—$13.20$14.0531728
15697$1.25$1.4222.74%$255.00—$17.25$18.9511222
188179$0.60$0.8822.74%$260.00—$21.70$23.456415
159250$0.39$0.6324.14%$265.00—$26.55$28.50796
—————$270.00—$31.10$34.15171
—————$275.00—$36.25$39.15222
—————$280.00—$41.50$43.753413
—————$310.00—$71.45$74.1501

Forward $238.90. The 25-delta put carries -0.32 volatility points over the 25-delta call.

2026-10-30(37 days)ATM 22.11%±16.82skew -0.25
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
1433$56.95$59.80—$180.00—————
1838$51.95$55.05—$185.00—————
2659$47.00$49.85—$190.00—————
226$42.05$44.95—$195.00—————
454$37.10$39.90—$200.00—————
40$32.55$34.50—$205.00—————
40$28.00$29.95—$210.00—————
01$22.85$25.20—$215.0023.69%$0.50$0.76956
46$18.95$20.80—$220.0022.55%$0.85$1.2022134
—————$225.0022.39%$1.68$2.0168200
531$11.75$12.65—$230.0022.16%$2.80$3.3591226
1076$8.45$9.45—$235.0022.11%$4.70$5.05241226
37822$5.80$6.5022.12%$240.00—$6.95$7.60198279
12819$3.80$4.6522.38%$245.00—$9.90$11.1017474
42698$2.60$2.9022.41%$250.00—$13.45$14.7014532
295264$1.45$2.0122.51%$255.00—$17.45$19.007015
13174$1.01$1.2022.96%$260.00—$21.95$23.505317
145133$0.65$0.7023.24%$265.00—$26.65$28.75367
79266$0.40$0.5124.10%$270.00—$31.55$33.45438
136153$0.24$0.3824.96%$275.00—$36.45$38.9540
—————$280.00—$41.45$44.0520

Forward $238.87. The 25-delta put carries -0.25 volatility points over the 25-delta call.

2026-11-20(58 days)ATM 23.71%±22.66skew +0.30
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
114$47.65$50.30—$190.0027.99%$0.13$0.191722
29$42.80$45.30—$195.00—————
3138$38.90$40.30—$200.0025.57%$0.26$0.4119162
—————$205.0025.51%$0.56$0.64445
124$29.65$31.10—$210.0025.06%$0.90$1.02230416
64$24.95$26.60—$215.0024.92%$1.50$1.60337248
1048$20.95$22.40—$220.0024.18%$2.13$2.36292537
77$17.45$18.50—$225.0024.15%$3.30$3.50230565
9268$13.95$14.85—$230.0023.87%$4.70$5.00563429
31318$11.25$11.75—$235.0023.74%$6.55$6.951,724869
1,29886$8.65$9.0523.72%$240.00—$8.90$9.351,244534
22249$6.50$6.8523.66%$245.00—$11.75$12.15905277
1,6662,703$4.95$5.1023.91%$250.00—$15.15$15.953,546296
331819$3.50$3.7523.84%$255.00—$18.85$19.901,67973
1,217961$2.50$2.8124.15%$260.00—$22.65$24.101,076108
389881$1.65$2.0324.09%$265.00—$27.05$28.2550530
9061,188$1.30$1.4724.76%$270.00—$31.80$33.3037368
10,031948$0.95$1.0225.04%$275.00—$36.60$39.0577363
5951,011$0.62$0.8025.43%$280.00—$41.45$43.2554313
503520$0.45$0.6126.00%$285.00—$46.50$49.101830
2171,516$0.36$0.4926.89%$290.00—$51.50$54.05420

Forward $239.72. The 25-delta put carries +0.30 volatility points over the 25-delta call.

2026-12-18(86 days)ATM 24.05%±27.90skew +0.05
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
125$48.65$50.45—$190.0026.26%$0.31$0.4618912
028$43.35$45.65—$195.0026.25%$0.58$0.7012867
1845$39.00$40.85—$200.0025.20%$0.72$1.00682124
03$34.00$36.35—$205.0025.29%$1.23$1.50199136
426$30.10$31.80—$210.0025.02%$1.87$2.10147142
12$26.15$27.55—$215.0024.25%$2.55$2.7810373
3465$22.25$23.40—$220.0024.24%$3.70$3.901,178381
2538$18.50$19.75—$225.0024.11%$5.05$5.35374890
13016$15.50$16.40—$230.0024.05%$6.80$7.10597472
23047$12.85$13.35—$235.0023.92%$8.85$9.201,113170
47869$10.30$10.7524.06%$240.00—$11.40$11.751,373521
212290$8.10$8.6023.92%$245.00—$14.30$14.65531274
861648$6.35$6.7523.87%$250.00—$17.50$18.251,687112
313895$4.95$5.3023.98%$255.00—$21.00$22.2063483
367636$3.80$4.2024.18%$260.00—$24.80$26.00644198
5932,254$2.93$3.2024.28%$265.00—$28.80$30.6054267
4821,310$2.22$2.5024.50%$270.00—$33.10$34.9545815
199879$1.68$2.0024.84%$275.00—$37.55$39.5077225
2861,430$1.35$1.6725.54%$280.00—$42.15$44.103947
94731$0.99$1.1825.36%$285.00—$46.85$49.404415
542,263$0.74$0.9525.71%$290.00—$51.70$54.252420

Forward $238.94. The 25-delta put carries +0.05 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.