Options Skew Analytics

MSTR 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 78.60%±9.48skew -7.13
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
18459$19.90$20.65—$143.0091.96%$0.10$0.12776484
5085,342$18.50$19.65—$144.0090.35%$0.11$0.151,965262
2742,295$17.95$18.65—$145.0088.89%$0.14$0.173,5122,361
2292,274$16.95$17.70—$146.0085.55%$0.15$0.18891140
3343,290$16.00$16.75—$147.0085.14%$0.19$0.231,102392
1,27211,280$15.05$15.75—$148.0084.00%$0.24$0.271,779956
7156,253$14.10$14.60—$149.0083.25%$0.29$0.345,512529
1,46118,639$13.10$13.60—$150.0081.27%$0.35$0.386,9357,133
49116,665$10.85$11.40—$152.5079.42%$0.58$0.634,2082,439
2,18919,812$8.80$8.95—$155.0077.87%$0.96$1.005,6286,413
94814,134$6.90$7.05—$157.5077.40%$1.55$1.591,0923,444
3,1377,137$5.25$5.40—$160.0077.62%$2.40$2.4410,60814,513
2,7905,759$3.95$4.00—$162.5078.25%$3.50$3.608205,273
6,9156,337$2.90$2.9479.94%$165.00—$4.95$5.053,8876,694
6,1962,621$2.10$2.1582.09%$167.50—$6.65$6.751,6652,168
14,9769,924$1.52$1.5684.53%$170.00—$8.55$8.702,2291,256
6,77213,611$1.10$1.1487.29%$172.50—$10.65$10.80211558
12,59914,863$0.80$0.8390.06%$175.00—$12.65$13.052,692712
6,18813,566$0.57$0.6393.06%$177.50—$14.55$15.30926354
5,31911,819$0.43$0.4696.08%$180.00—$16.90$17.6536862
9542,336$0.32$0.3699.57%$182.50—$19.30$20.1512622

Forward $162.93. The 25-delta put carries -7.13 volatility points over the 25-delta call.

2026-10-02(9 days)ATM 69.90%±17.90skew -6.45
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
111307$20.85$21.65—$143.0070.65%$0.95$1.0133292
75160$19.95$20.75—$144.0070.14%$1.06$1.122611,499
912,728$19.15$19.90—$145.0069.80%$1.19$1.25607646
571,195$18.25$19.00—$146.0069.94%$1.34$1.4448584
28134$17.40$18.15—$147.0070.04%$1.48$1.67280682
30270$16.65$17.35—$148.0069.20%$1.68$1.75467386
34559$15.85$16.55—$149.0069.06%$1.88$1.95210130
1672,020$15.05$15.70—$150.0068.75%$2.09$2.157,9455,489
19267$13.20$13.80—$152.5068.82%$2.74$2.81659827
171749$11.50$11.80—$155.0068.21%$3.45$3.551,2831,328
372954$9.95$10.10—$157.5068.88%$4.40$4.55122662
9971,621$8.55$8.70—$160.0069.07%$5.50$5.601,2302,494
443428$7.30$7.45—$162.5069.57%$6.70$6.906,3075,211
9481,061$6.20$6.3570.13%$165.00—$8.10$8.308871,733
671604$5.25$5.4070.84%$167.50—$9.70$9.80520951
3,7222,735$4.45$4.6071.82%$170.00—$11.40$11.55431479
411656$3.80$3.9072.95%$172.50—$13.20$13.40161185
2,4253,810$3.20$3.3073.82%$175.00—$15.00$15.352771,486
177—$2.74$2.8375.27%$177.50—$17.00$17.35—94
9,1406,594$2.36$2.4376.77%$180.00—$18.75$19.456573
220—$2.03$2.1178.35%$182.50—$20.90$21.60—34

Forward $163.08. The 25-delta put carries -6.45 volatility points over the 25-delta call.

2026-10-09(16 days)ATM 68.91%±23.56skew -7.61
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
6110$22.65$23.75—$142.0068.72%$1.88$1.962568
1362$21.65$22.95—$143.0068.59%$2.06$2.145258
223,816$21.30$22.10—$144.0068.72%$2.25$2.3812563
47401$20.50$21.30—$145.0068.25%$2.45$2.53523437
1866$19.70$20.55—$146.0068.19%$2.67$2.7619786
576$19.05$19.75—$147.0068.35%$2.90$3.05141319
373$18.30$19.00—$148.0067.75%$3.10$3.2515661
188$17.55$18.25—$149.0067.76%$3.35$3.554642
1651,077$16.85$17.25—$150.0067.62%$3.65$3.80684145
2315$15.15$15.55—$152.5067.87%$4.45$4.65137231
119512$13.60$13.85—$155.0067.84%$5.40$5.50866591
4136$12.15$12.40—$157.5068.14%$6.40$6.6021579
3265,076$10.80$11.05—$160.0068.35%$7.55$7.75832949
6168$9.60$9.85—$162.5068.67%$8.80$9.05106513
303274$8.50$8.7068.91%$165.00—$10.20$10.45388613
101350$7.55$7.7569.68%$167.50—$11.75$12.0095380
8421,232$6.65$6.9070.28%$170.00—$13.30$13.60419113
4362,313$5.85$6.1070.77%$172.50—$15.05$15.359856
693837$5.20$5.4071.57%$175.00—$16.80$17.2013329
236581$4.05$4.3073.25%$180.00—$20.40$21.103660
97510$3.20$3.4575.23%$185.00—$24.40$25.205232

Forward $163.30. The 25-delta put carries -7.61 volatility points over the 25-delta call.

2026-10-16(23 days)ATM 69.52%±28.50skew -5.82
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$142.0068.43%$3.00$3.101475
24$23.40$24.20—$143.0068.31%$3.20$3.352770
04$22.65$23.40—$144.0068.08%$3.45$3.5517070
1137,163$21.95$22.30—$145.0068.18%$3.75$3.802,626425
610$21.25$21.55—$146.0068.16%$4.00$4.10675184
138$20.50$20.85—$147.0068.04%$4.25$4.4010311
22$19.80$20.15—$148.0068.01%$4.55$4.7014142
01$19.15$19.45—$149.0067.88%$4.85$5.0075157
4906,062$18.50$18.80—$150.0068.02%$5.20$5.352,7021,445
11050$16.90$17.10—$152.5068.07%$6.10$6.2581274
35310,334$15.40$15.60—$155.0068.18%$7.10$7.252,4111,267
12471$14.00$14.20—$157.5068.34%$8.20$8.35310250
4075,757$12.75$12.90—$160.0068.54%$9.40$9.552,9831,937
137201$11.50$11.70—$162.5068.80%$10.70$10.85312274
7702,191$10.45$10.6569.39%$165.00—$12.10$12.302,2471,109
88448$9.45$9.6569.76%$167.50—$13.60$13.80276419
8612,337$8.55$8.7570.24%$170.00—$15.20$15.401,949236
102209$7.70$7.9070.55%$172.50—$16.85$17.05257104
2,6752,536$7.00$7.1571.19%$175.00—$18.45$18.851,079102
5339,164$5.70$5.9072.34%$180.00—$22.35$22.551,101144
3202,496$4.70$4.9073.84%$185.00—$26.20$26.5525125

Forward $163.33. The 25-delta put carries -5.82 volatility points over the 25-delta call.

2026-10-23(30 days)ATM 69.04%±32.36skew -4.84
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
036$28.55$30.15—$137.0068.88%$2.90$3.053653
011$28.35$29.35—$138.0068.30%$3.05$3.2033237
040$27.45$28.55—$139.0068.09%$3.25$3.40590
26152$26.20$27.75—$140.0068.20%$3.50$3.6545773
390$26.05$27.00—$141.0068.02%$3.70$3.908110
029$25.20$26.20—$142.0067.95%$3.95$4.1513073
127$24.05$25.50—$143.0067.80%$4.20$4.402890
0135$23.85$24.80—$144.0067.75%$4.50$4.651895
5181$23.15$24.05—$145.0067.44%$4.70$4.9541030
054$21.95$23.35—$146.0067.58%$5.05$5.2597104
1265$21.15$22.70—$147.0067.62%$5.40$5.5511547
057$21.10$22.00—$148.0067.58%$5.70$5.9068241
441$20.35$21.25—$149.0067.78%$6.05$6.30165174
17466$19.70$20.35—$150.0067.89%$6.40$6.70532205
19365$16.85$17.15—$155.0067.72%$8.40$8.60962696
98407$14.25$14.55—$160.0068.12%$10.75$11.00624374
89984$12.00$12.2568.80%$165.00—$13.50$13.75397830
1871,028$10.05$10.3569.50%$170.00—$16.55$16.8517375
202768$8.40$8.7570.34%$175.00—$19.90$20.205733
124542$7.05$7.3571.20%$180.00—$23.55$23.905712
28364$5.95$6.2572.42%$185.00—$27.40$27.80372

Forward $163.50. The 25-delta put carries -4.84 volatility points over the 25-delta call.

2026-10-30(37 days)ATM 70.13%±36.54skew -5.06
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
011$29.45$30.55—$138.0069.11%$4.00$4.252150
16$28.70$29.80—$139.0069.06%$4.25$4.501819
5114$27.85$29.05—$140.0068.94%$4.50$4.75208193
010$27.20$28.35—$141.0068.92%$4.80$5.00244
116$26.50$27.60—$142.0068.83%$5.05$5.30253
123$25.80$26.90—$143.0068.99%$5.35$5.65205
170$25.10$26.20—$144.0068.77%$5.65$5.9013129
19129$24.35$25.40—$145.0068.78%$6.00$6.2041083
012$23.75$24.85—$146.0069.03%$6.30$6.657831
031$22.70$24.20—$147.0068.77%$6.65$6.90528
2220$22.45$23.55—$148.0068.73%$7.00$7.255773
0384$21.80$22.45—$149.0069.19%$7.40$7.75107133
26294$21.35$21.65—$150.0068.75%$7.75$8.00265220
25217$18.40$18.80—$155.0069.29%$9.85$10.25597465
200511$15.95$16.25—$160.0069.34%$12.30$12.554721,373
229314$13.65$14.0069.85%$165.00—$15.05$15.30385441
165466$11.75$12.0070.40%$170.00—$18.10$18.357541
388575$10.15$10.4071.46%$175.00—$21.40$21.704111
274953$8.60$9.1072.29%$180.00—$24.95$25.253614
211458$7.40$7.7572.86%$185.00—$28.75$29.551825
60401$6.40$6.7073.84%$190.00—$32.35$33.2010

Forward $163.64. The 25-delta put carries -5.06 volatility points over the 25-delta call.

2026-11-20(58 days)ATM 72.67%±47.51skew -5.81
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
9576$50.80$52.40—$115.0074.33%$2.21$2.3179117
61,797$46.15$47.90—$120.0073.64%$2.93$3.052,730122
8967$42.20$43.80—$125.0072.43%$3.70$3.901,338133
332,335$38.50$39.60—$130.0071.91%$4.80$4.951,731323
10333,210$34.85$35.80—$135.0071.58%$6.10$6.251,005162
2011,842$31.45$31.90—$140.0071.33%$7.60$7.801,384106
2843,422$28.25$28.70—$145.0071.10%$9.35$9.551,435359
1823,720$25.35$25.65—$150.0071.20%$11.40$11.602,38274
1591,712$22.65$22.95—$155.0071.28%$13.65$13.901,578680
1952,346$20.25$20.50—$160.0071.55%$16.20$16.451,8841,069
1613,589$18.05$18.3072.03%$165.00—$19.05$19.252,058207
3651,481$16.15$16.3572.54%$170.00—$21.90$22.301,836154
3551,353$14.40$14.7073.17%$175.00—$25.10$25.501,195129
2743,448$12.85$13.0573.49%$180.00—$28.55$29.001,57352
210982$11.45$11.7074.05%$185.00—$32.15$32.6552014
1221,140$10.25$10.5074.71%$190.00—$35.90$36.4592328
53794$9.15$9.4075.23%$195.00—$40.00$40.308143
4423,763$8.20$8.4575.88%$200.00—$43.95$44.3571225
461,051$7.35$7.6076.50%$205.00—$47.65$48.601740
109663$6.60$6.8577.14%$210.00—$51.95$53.0535420
59385$5.95$6.2077.86%$215.00—$55.75$57.453510

Forward $164.02. The 25-delta put carries -5.81 volatility points over the 25-delta call.

2026-12-18(86 days)ATM 72.20%±57.73skew -4.10
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0391$52.55$54.65—$115.0073.30%$3.80$4.056,11342
81,073$48.45$50.60—$120.0072.51%$4.75$5.003,040127
6636$45.15$46.70—$125.0071.99%$5.90$6.152,786113
481,420$41.20$42.85—$130.0071.64%$7.25$7.503,024166
34995$38.00$38.95—$135.0071.48%$8.80$9.101,563173
671,301$34.95$35.45—$140.0071.27%$10.55$10.852,494279
321,074$31.95$32.80—$145.0071.11%$12.50$12.801,20597
1073,842$29.20$29.70—$150.0071.34%$14.70$15.101,871371
20887$26.65$27.20—$155.0071.41%$17.15$17.451,57331
26611,753$24.35$24.85—$160.0071.61%$19.75$20.1012,089113
1621,644$22.15$22.7071.72%$165.00—$22.55$22.852,34672
1741,763$20.25$20.5071.70%$170.00—$25.55$25.902,03784
881,171$18.45$18.8572.19%$175.00—$28.65$29.101,148252
1507,194$16.85$17.2072.51%$180.00—$32.00$32.458,10955
83711$15.35$15.7572.87%$185.00—$35.50$36.1075030
1681,449$14.05$14.4073.29%$190.00—$39.15$39.652,3525
972,140$12.85$13.2073.72%$195.00—$42.95$43.451,5090
6298,198$11.75$12.1074.13%$200.00—$46.80$47.351,42630
52427$10.70$11.1074.45%$205.00—$50.45$51.75850
4471,220$9.80$10.2074.88%$210.00—$54.50$55.456510
108572$9.00$9.4075.38%$215.00—$58.70$59.95110

Forward $164.72. The 25-delta put carries -4.10 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.