Options Skew Analytics

NOC option chain

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

Data as of 23 September 2026 (end of day)

2026-10-16(23 days)ATM 28.17%±36.48skew +1.12
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$465.0031.24%$1.25$2.05182
01$44.90$49.30—$470.00—————
10$41.10$45.90—$475.00—————
01$37.10$41.60—$480.0029.80%$2.50$4.10706
—————$485.0030.15%$3.50$5.30433
01$28.10$34.90—$490.0030.05%$4.70$6.402327
02$25.70$29.30—$495.00—————
112$21.90$26.60—$500.0029.32%$6.70$9.801490
14$18.50$22.60—$505.0028.36%$7.60$11.70710
3107$15.90$20.20—$510.0028.75%$10.70$13.201954
362$13.80$16.70—$515.0028.69%$13.00$15.6048224
16365$10.90$13.7027.50%$520.00—$15.80$19.009822
292$9.60$12.7029.32%$525.00—$18.80$22.80451
10167$7.60$9.2027.44%$530.00—$22.50$25.201171
12173$6.10$8.9028.85%$535.00—$24.10$30.10290
1163$4.90$7.0028.43%$540.00—$27.00$33.00360
518$4.00$6.0028.93%$545.00—$31.00$36.90110
4126$3.20$5.0029.16%$550.00—$36.00$41.90170
260$2.55$3.7028.70%$555.00—$40.40$45.9030
3388$1.90$2.9028.48%$560.00—$44.00$50.1090
454$1.50$2.5029.03%$565.00—————

Forward $515.95. The 25-delta put carries +1.12 volatility points over the 25-delta call.

2026-11-20(58 days)ATM 31.13%±64.22skew +2.05
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$52.60$57.90—$470.0031.63%$7.20$8.601410
—————$475.0030.96%$7.50$10.002010
049$45.10$49.60—$480.0033.85%$9.50$14.60540
02$40.70$47.40—$485.0029.93%$9.30$12.6080
04$38.10$43.50—$490.0030.44%$11.30$14.60611
—————$495.0030.09%$12.60$16.4040
110$33.00$37.60—$500.0031.19%$16.60$18.002982
03$30.10$35.00—$505.00—————
018$26.30$32.40—$510.0030.09%$18.80$22.902712
013$24.60$29.70—$515.0030.10%$21.10$25.5071
1167$21.90$26.5031.01%$520.00—$25.60$27.701082
015$20.00$24.4031.27%$525.00—$27.60$31.00301
120$18.10$21.6030.91%$530.00—$30.40$34.20120
020$16.10$19.9030.99%$535.00—$31.10$37.3020
065$14.30$17.7030.70%$540.00—$35.00$40.301480
34$11.70$17.7031.13%$545.00—$38.20$43.6050
418$12.00$13.1030.26%$550.00—$42.10$47.5020
05$9.30$15.4031.87%$555.00—————
1211$9.10$10.3029.89%$560.00—$49.20$55.601814
18$7.60$12.1031.80%$565.00—————
321$6.10$9.1029.92%$570.00—————

Forward $517.53. The 25-delta put carries +2.05 volatility points over the 25-delta call.

2026-12-18(86 days)ATM 29.33%±73.80skew +1.64
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
04$54.50$62.70—$470.00—————
—————$475.0031.32%$10.60$15.60160
126$49.00$54.30—$480.0029.65%$11.50$15.104910
121$45.60$50.90—$485.0029.75%$12.90$17.20291
02$42.20$47.00—$490.0029.59%$14.50$18.90370
04$39.00$45.40—$495.0029.90%$16.40$21.40430
2324$36.30$42.00—$500.0029.62%$17.70$23.70330
115$33.50$39.00—$505.0029.47%$20.10$25.40270
05$31.10$36.90—$510.0029.14%$22.00$27.50150
02$28.20$34.40—$515.0029.74%$25.40$30.20221
04$26.30$30.7029.45%$520.00—$27.00$33.20620
038$23.80$28.4029.27%$525.00—$30.90$35.601050
027$21.70$24.9028.56%$530.00—$32.90$38.801820
09$19.70$25.8030.00%$535.00—$36.00$42.10390
696$18.20$23.6030.00%$540.00—$39.50$44.90150
099$16.50$22.1030.14%$545.00—$42.50$48.30180
025$14.90$20.5030.16%$550.00—$46.00$52.002020
019$12.20$19.6029.85%$555.00—$49.70$55.60420
044$11.30$17.6029.79%$560.00—$53.00$58.90250
15$10.90$15.5029.85%$565.00—$57.00$62.5040
149$9.60$14.1029.67%$570.00—$60.30$66.5070

Forward $518.38. The 25-delta put carries +1.64 volatility points over the 25-delta call.

2027-01-15(114 days)ATM 28.60%±83.11skew +1.32
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
08$100.50$106.00—$420.00—————
022$90.90$96.50—$430.00—————
020$80.70$88.50—$440.00—————
023$72.00$80.80—$450.00—————
016$66.10$72.00—$460.00—————
038$60.30$64.50—$470.0029.33%$10.20$16.00480
012$53.70$59.10—$480.0030.25%$15.00$19.30741
086$46.50$52.30—$490.0028.89%$17.10$21.701350
084$40.80$46.80—$500.0029.34%$22.30$25.603710
5230$35.30$40.80—$510.0029.24%$26.00$30.80370
049$30.80$35.40—$520.00—$31.20$35.001560
024$25.80$30.7028.56%$530.00—$35.60$41.201,5350
029$22.10$27.7029.07%$540.00—$41.50$47.50340
295$19.00$23.1028.76%$550.00—$49.20$54.20870
041$16.30$21.0029.41%$560.00—$56.30$61.30270
169$13.20$15.1027.68%$570.00—$64.20$68.40350
2208$11.60$12.7028.01%$580.00—$71.10$76.00250
056$8.60$10.8027.50%$590.00—$80.10$84.50160
0178$7.70$11.6029.49%$600.00—$86.80$95.10550
0147$6.30$10.0029.58%$610.00—$97.40$102.30300
10199$5.10$8.1029.29%$620.00—$105.20$110.40340

Forward $520.00. The 25-delta put carries +1.32 volatility points over the 25-delta call.

2027-02-19(149 days)ATM 28.57%±95.08skew +0.62
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$470.0028.67%$13.20$18.70110
—————$475.0029.02%$14.30$21.60290
—————$480.0029.07%$17.40$22.1090
—————$485.0028.91%$19.00$23.8080
—————$490.0028.92%$20.80$25.9090
—————$495.0028.84%$22.40$28.20120
05$46.10$51.30—$500.0028.60%$24.00$30.30550
08$43.00$48.50—$505.0028.48%$26.00$32.5050
08$41.00$46.00—$510.0028.55%$28.80$34.6050
57$38.40$43.50—$515.0028.54%$31.50$36.8055
07$34.20$41.10—$520.0028.57%$34.00$39.50220
04$32.80$38.9028.91%$525.00—$36.00$41.7020
02$29.90$36.6028.56%$530.00—$39.00$46.2020
014$29.00$34.5028.98%$535.00—————
—————$540.00—$45.10$52.4030
02$24.00$31.0028.64%$545.00—$48.00$55.10350
07$23.00$28.7028.72%$550.00—$52.50$57.6030
01$21.20$27.0028.66%$555.00—————
06$18.40$25.4028.16%$560.00—————
02$17.80$23.8028.48%$565.00—————
04$14.20$20.9028.05%$575.00—$69.00$75.5030

Forward $520.92. The 25-delta put carries +0.62 volatility points over the 25-delta call.

2027-03-19(177 days)ATM 29.40%±106.96skew +0.77
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
05$104.20$112.00—$420.00—————
013$95.60$103.40—$430.00—————
02$88.00$95.10—$440.00—————
010$80.90$88.00—$450.0031.14%$11.80$18.10270
05$73.00$81.00—$460.0030.13%$13.00$20.50240
07$66.80$73.90—$470.0029.97%$16.10$23.40120
02$60.60$66.30—$480.0029.81%$20.70$25.50370
02$54.60$60.20—$490.0029.65%$23.50$30.1070
557$49.50$55.90—$500.0029.11%$27.40$33.301050
13$45.10$50.60—$510.0029.40%$32.00$38.80100
111$39.60$45.40—$520.0029.14%$37.00$43.10290
022$35.30$41.5029.36%$530.00—$43.50$48.205411
3715$31.60$37.3029.43%$540.00—$48.30$54.10260
020$27.50$33.5029.26%$550.00—$55.80$60.40190
014$22.70$30.3028.82%$560.00—$61.20$68.4070
07$19.40$27.0028.64%$570.00—$68.20$74.40220
222$18.80$23.5029.18%$580.00—$76.40$81.5060
09$14.30$22.0028.78%$590.00—$84.50$89.00140
131$14.20$16.9028.46%$600.00—$92.00$98.00310
08$11.20$18.0029.36%$610.00—————
061$10.10$16.0029.59%$620.00—$108.20$115.20300

Forward $522.50. The 25-delta put carries +0.77 volatility points over the 25-delta call.

2027-06-17(267 days)ATM 29.02%±130.75skew +1.21
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$111.10$118.50—$420.00—————
01$97.40$104.10—$440.0029.95%$13.00$20.80100
01$90.10$98.00—$450.0029.74%$16.00$23.00200
01$82.30$90.20—$460.0029.73%$19.00$26.30290
02$77.90$84.50—$470.0029.92%$23.00$29.80180
05$71.00$77.20—$480.0029.77%$26.80$33.10200
043$66.30$72.10—$490.0029.43%$30.10$36.90780
09$60.90$66.10—$500.0029.51%$34.80$41.20870
01$56.20$61.10—$510.0029.61%$40.70$45.00100
07$51.30$57.30—$520.0029.50%$45.40$49.90238
07$46.80$52.4029.34%$530.00—————
056$41.20$48.9029.09%$540.00—————
04$37.10$44.5028.86%$550.00—$61.20$68.5030
010$33.40$40.1028.59%$560.00—$68.40$73.7060
01$31.10$37.2029.00%$570.00—————
02$27.80$34.7029.10%$580.00—$81.20$89.3010
012$23.70$32.0028.76%$590.00—$88.30$95.7010
013$19.90$29.0028.26%$600.00—————
06$20.00$25.8028.79%$610.00—————
03$16.00$24.0028.32%$620.00—————
04$13.30$19.7028.52%$640.00—————

Forward $526.86. The 25-delta put carries +1.21 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.