Options Skew Analytics

MGM option chain

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

Data as of 22 September 2026 (end of day)

2026-12-18(87 days)ATM 42.70%±8.16skew +2.08
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
018$12.80$15.40—$25.00—————
052$10.30$12.50—$28.00—————
2182$8.80$9.70—$30.00—————
0831$6.40$7.80—$33.0044.04%$0.70$1.151,01450
02$5.60$6.90—$34.0044.20%$1.00$1.40134538
4194$4.90$6.10—$35.0045.19%$1.30$1.851,08450
03$4.40$5.50—$36.0044.21%$1.65$2.101140
0340$4.10$5.10—$37.0043.00%$2.00$2.402180
0562$3.50$4.10—$38.0043.27%$2.45$2.901,2270
03,053$3.00$3.80—$39.0044.20%$3.00$3.50780
55717,938$2.60$3.1042.69%$40.00—$3.50$4.007011
085$2.20$3.1045.24%$41.00—$4.20$4.70540
—————$42.00—$4.90$5.601600
091$1.50$2.1542.97%$43.00—$5.60$6.00220
0147$1.30$1.9543.99%$44.00—$6.30$6.90720
6471,722$1.00$1.3540.69%$45.00—$7.10$7.503038
571222$0.90$1.3543.11%$46.00—$7.90$8.40780
13724$0.70$1.0541.79%$47.00—$7.80$9.30390
7174$0.60$0.9042.20%$48.00—$8.70$10.201620
—————$49.00—$8.90$11.50320
03,251$0.45$0.6042.36%$50.00—$10.00$12.301,6370

Forward $39.15. The 25-delta put carries +2.08 volatility points over the 25-delta call.

2027-01-15(115 days)ATM 41.53%±9.13skew +3.00
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01,627$10.80$12.30—$28.00—————
41,176$9.20$10.70—$30.00—————
—————$32.0043.05%$0.75$1.1570
0124$6.50$8.30—$33.0041.33%$0.90$1.3063510
01$5.80$7.60—$34.0042.67%$1.20$1.7520
1585$5.30$6.50—$35.0041.82%$1.50$2.001,6320
03$4.70$5.80—$36.0041.79%$1.85$2.40200
101,129$4.40$5.30—$37.0041.82%$2.30$2.802310
—————$38.0039.83%$2.60$3.10641
02,486$3.30$3.90—$39.0040.90%$3.20$3.70140
17984$2.85$3.6041.58%$40.00—$3.70$4.209060
02,465$2.45$3.1040.90%$41.00—$4.30$4.90290
12692$2.10$2.4539.15%$42.00—$4.90$5.50810
52,464$1.80$2.2539.89%$43.00—$5.60$6.20670
078$1.45$1.9038.96%$44.00—$6.20$7.10505
0981$1.20$1.6038.50%$45.00—$6.50$7.709530
05,072$1.00$1.5539.67%$46.00—$7.70$8.70980
0348$0.85$1.1538.34%$47.00—$7.70$9.70150
05,286$0.75$1.2040.43%$48.00—$8.50$10.50490
075$0.60$0.9539.46%$49.00—$8.80$12.5030
08,277$0.45$0.7538.39%$50.00—$10.30$12.40440

Forward $39.15. The 25-delta put carries +3.00 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.