Options Skew Analytics

MMM option chain

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

Data as of 9 November 2026 (end of day)

2026-11-20(11 days)ATM 28.31%±9.29skew +1.05
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
20$31.00$33.60—$157.50—————
28443$29.25$31.15—$160.0043.74%$0.05$0.0880523
06$25.95$29.00—$162.50—————
31,132$23.45$26.25—$165.00—————
029$21.00$23.30—$167.50—————
81,964$18.70$20.90—$170.00—————
1248$16.00$18.65—$172.50—————
153,243$14.00$16.15—$175.00—————
099$11.25$13.60—$177.50—————
821,188$9.85$10.60—$180.0030.16%$0.79$1.0225211
6310$7.30$9.70—$182.5029.06%$1.20$1.48522
603,089$5.90$6.60—$185.0028.61%$1.87$2.1877712
968$4.30$4.80—$187.5028.51%$2.78$3.20983
28779$3.05$3.4528.27%$190.00—$4.00$4.401156
1—$1.94$2.6728.66%$192.50—$5.45$6.00—0
12626$1.31$1.6528.02%$195.00—$7.30$7.90530
0—$0.82$1.3029.29%$197.50—$8.40$9.90—0
15768$0.53$0.7528.91%$200.00—$10.45$12.35280
—————$202.50—$12.75$14.55—0
—————$207.50—$17.00$19.90—0
—————$215.00—$24.45$27.4510

Forward $189.05. The 25-delta put carries +1.05 volatility points over the 25-delta call.

2026-11-27(18 days)ATM 26.23%±11.02skew +0.66
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$33.45$36.10—$155.00—————
05$28.45$30.80—$160.00—————
0—$26.00$28.55—$162.50—————
016$23.50$26.45—$165.00—————
0—$21.05$23.60—$167.50—————
026$18.55$21.55—$170.00—————
0—$16.15$18.80—$172.50—————
075$13.75$16.10—$175.00—————
0—$12.05$13.80—$177.50—————
090$9.30$11.90—$180.0027.04%$1.13$1.40221
20—$8.25$9.15—$182.5027.27%$1.70$2.13—3
7122$6.50$7.40—$185.0026.26%$2.42$2.73963
0—$5.00$5.95—$187.5026.18%$3.35$3.80—0
393$3.80$4.2026.25%$190.00—$4.65$5.00130
4—$2.63$3.6027.18%$192.50—$6.00$7.00—6
1151$1.93$2.2826.01%$195.00—$7.75$8.3010
2—$1.28$1.8226.61%$197.50—$9.65$10.45—0
138$0.90$1.1026.00%$200.00—$10.55$13.1540
—————$202.50—$12.85$15.30—0
—————$207.50—$17.50$20.00—0
—————$220.00—$29.30$32.4510

Forward $189.17. The 25-delta put carries +0.66 volatility points over the 25-delta call.

2026-12-04(25 days)ATM 25.99%±12.88skew +0.89
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
06$23.55$26.50—$165.00—————
013$18.75$21.35—$170.00—————
080$14.15$16.75—$175.0029.38%$0.88$1.331781
436$10.85$11.90—$180.0026.99%$1.69$1.9129534
5120$7.25$8.50—$185.0026.51%$3.05$3.501404
26186$4.65$5.0025.99%$190.00—$5.25$5.65871
27276$2.71$3.0526.05%$195.00—$8.30$8.852460
2195$1.45$1.7426.10%$200.00—————
043$0.74$1.1927.48%$205.00—————

Forward $189.37. The 25-delta put carries +0.89 volatility points over the 25-delta call.

2026-12-18(39 days)ATM 25.95%±16.09skew +1.25
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
03$78.25$81.55—$110.00—————
02$68.20$71.55—$120.00—————
029$63.25$66.60—$125.00—————
025$58.25$61.60—$130.00—————
028$53.25$56.60—$135.00—————
023$48.25$51.60—$140.00—————
050$43.45$46.60—$145.00—————
0263$38.55$41.70—$150.00—————
0188$33.75$36.15—$155.00—————
4245$29.60$31.45—$160.00—————
0339$24.80$26.60—$165.0029.91%$0.53$0.664904
2822$20.30$21.50—$170.0028.59%$0.90$1.083743
02,746$15.70$17.65—$175.0027.53%$1.54$1.762834
21,945$12.15$12.50—$180.0026.87%$2.60$2.8730321
315,552$8.80$9.20—$185.0026.29%$4.15$4.5033027
44480$6.05$6.4525.97%$190.00—$6.35$6.75579
4232,068$3.95$4.3525.83%$195.00—$9.25$9.701271
914,748$2.43$2.7725.62%$200.00—$12.80$13.50250
1331$0.84$1.1726.40%$210.00—$20.15$22.8007
—————$220.00—$29.60$32.3510
1,0884,028$0.20$0.2931.29%$230.00—$39.10$42.4520

Forward $189.70. The 25-delta put carries +1.25 volatility points over the 25-delta call.

2027-01-15(67 days)ATM 25.68%±20.95skew +1.77
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
018$78.35$81.85—$110.00—————
013$73.70$76.90—$115.00—————
056$68.75$71.95—$120.0042.10%$0.02$0.0727924
069$63.80$66.90—$125.00—————
0293$58.95$62.00—$130.00—————
0125$53.95$57.15—$135.00—————
1112$49.05$52.25—$140.00—————
0124$44.20$46.55—$145.00—————
01,508$39.35$41.75—$150.00—————
0174$34.85$36.90—$155.0030.96%$0.50$0.6850322
0669$30.05$32.80—$160.0029.09%$0.65$0.9552418
1842$25.25$27.75—$165.0028.80%$1.19$1.4566717
11,042$20.90$23.50—$170.0028.09%$1.73$2.271,0026
0799$17.85$19.10—$175.0027.06%$2.76$2.973684
01,055$14.10$14.90—$180.0026.81%$4.15$4.3527115
813,124$11.05$11.45—$185.0026.24%$5.85$6.052206
1091,212$8.30$8.70—$190.0025.78%$7.95$8.3012797
54734$6.00$6.5025.54%$195.00—$10.75$11.15689
1371,213$4.25$4.7525.47%$200.00—$13.80$15.65380
49861$1.94$2.3325.28%$210.00—$20.80$23.4020
31,926$0.85$1.0725.50%$220.00—$29.60$31.75015

Forward $190.38. The 25-delta put carries +1.77 volatility points over the 25-delta call.

2027-03-19(130 days)ATM 28.15%±32.07skew +2.36
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$73.90$77.25—$115.00—————
033$69.05$72.40—$120.00—————
035$64.35$67.50—$125.00—————
012$59.55$62.25—$130.00—————
013$54.75$57.55—$135.00—————
07$50.05$53.00—$140.00—————
014$45.40$48.45—$145.00—————
031$40.85$43.70—$150.00—————
098$37.20$38.85—$155.0031.59%$1.67$2.664031
2115$32.10$34.55—$160.0030.86%$2.40$3.303911
0157$28.10$30.45—$165.0029.71%$3.35$3.805060
0135$24.15$26.50—$170.0029.05%$4.35$4.903081
1310$21.45$22.90—$175.0028.78%$5.70$6.4013515
0331$17.65$19.55—$180.0028.32%$7.30$8.055297
12555$15.40$16.30—$185.0028.65%$9.65$10.20151
135450$12.55$13.75—$190.0028.48%$11.95$12.601972
9584$10.40$11.1028.03%$195.00—$13.90$15.0040
4579$8.45$9.0027.76%$200.00—$16.85$17.95250
281,017$5.05$5.8027.01%$210.00—————
7133$3.00$3.5526.69%$220.00—————
037$1.61$2.0026.07%$230.00—————

Forward $190.89. The 25-delta put carries +2.36 volatility points over the 25-delta call.

2027-04-16(158 days)ATM 27.82%±35.09skew +4.30
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$79.00$82.40—$110.00—————
01$74.20$77.55—$115.00—————
013$60.05$62.90—$130.00—————
01$55.35$57.70—$135.00—————
01$50.70$53.25—$140.00—————
01$41.90$44.45—$150.0032.53%$1.74$2.71330
02$37.45$39.80—$155.0030.97%$2.28$3.00490
019$33.70$35.60—$160.0030.74%$3.35$3.703125
03$29.80$31.85—$165.0030.26%$4.30$4.75160
067$25.55$27.80—$170.0030.04%$5.50$6.15631
353$23.15$24.20—$175.0029.14%$6.95$7.208156
095$19.35$20.95—$180.0028.94%$8.65$9.05230
067$16.70$18.10—$185.0028.28%$10.10$11.2550
077$13.95$15.15—$190.0027.91%$12.30$13.50220
073$11.50$13.0527.82%$195.00—$14.80$16.2540
0309$9.35$10.6527.18%$200.00—$18.05$19.15110
048$6.50$6.8026.75%$210.00—————
5223$3.65$4.3525.74%$220.00—————
039$2.60$2.9026.54%$230.00—————
010$1.42$2.3227.17%$240.00—————

Forward $191.68. The 25-delta put carries +4.30 volatility points over the 25-delta call.

2027-06-17(220 days)ATM 29.03%±43.32skew +4.08
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$65.70$68.55—$125.00—————
03$61.15$63.55—$130.00—————
02$56.60$59.20—$135.0033.27%$1.29$1.88162
08$52.15$54.65—$140.0033.50%$1.84$2.627531
05$47.80$50.65—$145.0032.60%$2.27$3.20680
030$43.60$46.10—$150.0032.50%$3.00$4.15510
06$39.50$42.00—$155.0031.74%$3.60$5.10340
013$35.55$38.25—$160.0031.49%$4.80$6.105480
013$31.85$34.25—$165.0030.47%$5.95$6.852670
0786$28.30$30.80—$170.0031.17%$7.40$9.208980
0609$25.85$27.45—$175.0030.95%$8.70$11.30940
0198$21.75$24.35—$180.0030.20%$10.50$12.751490
0136$19.70$21.60—$185.0029.87%$12.50$14.851810
0218$17.70$18.80—$190.0029.77%$14.75$17.401180
32335$14.95$16.1528.91%$195.00—$17.30$19.701720
142318$13.25$14.2029.20%$200.00—————
0504$9.35$10.4028.34%$210.00—$26.25$28.3010
486$6.90$7.5028.23%$220.00—$33.65$35.50210
020$4.05$5.3527.09%$230.00—————
016$2.69$3.7026.84%$240.00—————
1112$1.75$2.7026.95%$250.00—————

Forward $192.23. The 25-delta put carries +4.08 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.