Options Skew Analytics
Sign in

NVO options analytics

NVO · Stock

Data as of 24 September 2026 (end of day)

NVO options are pricing a 30-day at-the-money volatility of 29.9%, a move of about ±8.6% over the next month. Its history here is 5 sessions, short of the 180 a percentile needs, so this reading is not yet ranked against its own past.

Its 25-delta calls carry 1.88 volatility points more than the puts.

Longer-dated options carry more: 90-day volatility is 18% above 30-day.

Its next earnings report is 2026-11-04 (estimated from its reporting cadence).

Current readings

30-day ATM implied volatilityⓘ
29.94%

Prices a move of about ±8.6% over 30 days, or ±1.9% on a typical day.

25-delta risk reversalⓘ
-1.88

Calls carry 1.88 volatility points more than puts the same distance from the money.

25-delta butterflyⓘ
+0.26

The wings carry 0.26 volatility points more than at-the-money.

Term structure slopeⓘ
1.183

90-day volatility is 18% above 30-day.

Where 30-day implied volatility sits

Against 5 prior sessions (one-year window)

Not enough history in this window to place the current reading.

IV percentile, 1 year
—
IV rank, 1 year
—
IV percentile, 2 years
—
IV rank, 2 years
—

Rank is the position between the lowest and highest readings in the window, so a single past extreme pins everything after it near one end. Percentile is the share of sessions below the current reading and is unaffected by how far that extreme reached. Both are withheld when the window holds fewer than 180 sessions.

Session detail

Underlying close
$38.62
30-day implied forward
$38.59
60-day ATM IV
35.84%
90-day ATM IV
35.43%
180-day ATM IV
37.62%
Expirations used
12
Total open interest
980,190
Put / call open interest
0.82

The forward is derived from put-call parity on the strikes nearest the money, not taken from the underlying close. It is what every moneyness and delta on this page is measured against.

30-day at-the-money implied volatility

Last 5 sessions

28%30%32%34%36%38%2026-09-18 — 30-day ATM IV 36%2026-09-21 — 30-day ATM IV 35%2026-09-22 — 30-day ATM IV 32%2026-09-23 — 30-day ATM IV 30%2026-09-24 — 30-day ATM IV 30%18 Sep21 Sep22 Sep23 Sep24 Sep
Show the underlying numbers (most recent 5)
Session30-day ATM IV25-delta RRTerm slopeClose
2026-09-2429.94%-1.881.183$38.62
2026-09-2330.15%-1.141.190$38.17
2026-09-2232.36%-0.311.121$39.40
2026-09-2134.72%-0.391.107$39.80
2026-09-1836.13%-0.741.070$43.24

The chart covers every session in the archive, 5 in total. The table lists the most recent 5.

25-delta risk reversal

Last 5 sessions

-3.0-2.0-1.00.01.02026-09-18 — 25-delta RR (volatility points) -0.72026-09-21 — 25-delta RR (volatility points) -0.42026-09-22 — 25-delta RR (volatility points) -0.32026-09-23 — 25-delta RR (volatility points) -1.12026-09-24 — 25-delta RR (volatility points) -1.918 Sep21 Sep22 Sep23 Sep24 Sep

The dashed line marks zero, where the 25-delta put and call carry the same implied volatility.

Skew curve

Implied volatility by delta, front expirations

Implied volatility by delta

1d (2026-09-25) · 8d (2026-10-02) · 15d (2026-10-09)

25%30%35%40%45%2026-09-25 (1d) — 5Δ C — IV 42.33%2026-09-25 (1d) — 10Δ C — IV 38.77%2026-09-25 (1d) — 15Δ C — IV 37.19%2026-09-25 (1d) — 20Δ C — IV 36.21%2026-09-25 (1d) — 25Δ C — IV 35.54%2026-09-25 (1d) — 30Δ C — IV 34.93%2026-09-25 (1d) — 35Δ C — IV 34.43%2026-09-25 (1d) — 40Δ C — IV 34.07%2026-09-25 (1d) — 45Δ C — IV 33.87%2026-09-25 (1d) — ATM — IV 33.85%2026-09-25 (1d) — 45Δ P — IV 33.89%2026-09-25 (1d) — 40Δ P — IV 33.98%2026-09-25 (1d) — 35Δ P — IV 34.09%2026-09-25 (1d) — 30Δ P — IV 34.24%2026-09-25 (1d) — 25Δ P — IV 34.41%2026-09-25 (1d) — 20Δ P — IV 34.63%2026-09-25 (1d) — 15Δ P — IV 34.99%2026-09-25 (1d) — 10Δ P — IV 35.67%2026-09-25 (1d) — 5Δ P — IV 39.93%1d2026-10-02 (8d) — 5Δ C — IV 34.45%2026-10-02 (8d) — 10Δ C — IV 32.86%2026-10-02 (8d) — 15Δ C — IV 31.71%2026-10-02 (8d) — 20Δ C — IV 30.86%2026-10-02 (8d) — 25Δ C — IV 30.27%2026-10-02 (8d) — 30Δ C — IV 29.79%2026-10-02 (8d) — 35Δ C — IV 29.14%2026-10-02 (8d) — 40Δ C — IV 28.78%2026-10-02 (8d) — 45Δ C — IV 29.39%2026-10-02 (8d) — ATM — IV 30.44%2026-10-02 (8d) — 45Δ P — IV 30.75%2026-10-02 (8d) — 40Δ P — IV 30.86%2026-10-02 (8d) — 35Δ P — IV 30.80%2026-10-02 (8d) — 30Δ P — IV 30.04%2026-10-02 (8d) — 25Δ P — IV 29.55%2026-10-02 (8d) — 20Δ P — IV 29.59%2026-10-02 (8d) — 15Δ P — IV 29.74%2026-10-02 (8d) — 10Δ P — IV 30.35%8d2026-10-09 (15d) — 5Δ C — IV 36.17%2026-10-09 (15d) — 10Δ C — IV 33.14%2026-10-09 (15d) — 15Δ C — IV 32.20%2026-10-09 (15d) — 20Δ C — IV 31.30%2026-10-09 (15d) — 25Δ C — IV 30.52%2026-10-09 (15d) — 30Δ C — IV 30.09%2026-10-09 (15d) — 35Δ C — IV 29.94%2026-10-09 (15d) — 40Δ C — IV 29.63%2026-10-09 (15d) — 45Δ C — IV 29.45%2026-10-09 (15d) — ATM — IV 29.38%2026-10-09 (15d) — 45Δ P — IV 29.13%2026-10-09 (15d) — 40Δ P — IV 28.75%2026-10-09 (15d) — 35Δ P — IV 28.67%2026-10-09 (15d) — 30Δ P — IV 28.61%2026-10-09 (15d) — 25Δ P — IV 28.46%2026-10-09 (15d) — 20Δ P — IV 28.51%2026-10-09 (15d) — 15Δ P — IV 29.03%15d10Δ C25Δ CATM25Δ P10Δ Pout-of-the-money calls ← delta → out-of-the-money puts

The axis is call delta. Readings to the right of the dashed centre line are taken from the out-of-the-money put at that strike, which is the contract whose quote the volatility was solved from. Points are only plotted where surviving quotes bracket the delta on both sides; nothing is extrapolated past the last traded strike.

Show the underlying numbers
Delta1d8d15d
5Δ call42.33%34.45%36.17%
10Δ call38.77%32.86%33.14%
15Δ call37.19%31.71%32.20%
20Δ call36.21%30.86%31.30%
25Δ call35.54%30.27%30.52%
30Δ call34.93%29.79%30.09%
35Δ call34.43%29.14%29.94%
40Δ call34.07%28.78%29.63%
45Δ call33.87%29.39%29.45%
ATM33.85%30.44%29.38%
45Δ put33.89%30.75%29.13%
40Δ put33.98%30.86%28.75%
35Δ put34.09%30.80%28.67%
30Δ put34.24%30.04%28.61%
25Δ put34.41%29.55%28.46%
20Δ put34.63%29.59%28.51%
15Δ put34.99%29.74%29.03%
10Δ put35.67%30.35%—
5Δ put39.93%——

Wing readings by expiration

ExpirationDaysForwardATM IV25Δ put25Δ callRRButterflyQuotes
2026-09-251$38.4533.85%34.41%35.54%-1.13+1.127
2026-10-028$38.5630.44%29.55%30.27%-0.72-0.5319
2026-10-0915$38.5329.38%28.46%30.52%-2.07+0.1119
2026-10-1622$38.6229.40%29.45%29.82%-0.37+0.2426
2026-10-2329$38.5929.66%29.05%30.90%-1.85+0.3112
2026-10-3036$38.5731.22%30.21%32.25%-2.04+0.0115
2026-11-2057$38.7235.93%36.17%36.60%-0.42+0.4615
2026-12-1885$38.8735.36%35.46%35.91%-0.45+0.3218
2027-01-15113$39.0035.65%35.85%35.79%+0.06+0.1723
2027-03-19176$39.2137.57%37.65%38.19%-0.53+0.3618
2027-06-17266$39.1538.44%39.77%39.18%+0.58+1.0322
2027-09-17358$39.2239.71%39.49%41.22%-1.73+0.6516

Each curve above is one expiration. The vertical position is implied volatility; the horizontal position is the delta of the contract it was read from. For US equities the curve normally slopes upward to the right, meaning out-of-the-money puts carry higher implied volatility than equidistant calls.

The 25-delta risk reversal summarises that slope as a single number: the 25-delta put volatility minus the 25-delta call volatility. The butterfly summarises the curvature: the average of the two wings minus the at-the-money reading.

Term structure

At-the-money implied volatility by expiration

At-the-money implied volatility by expiration

12 listed expirations produced a usable reading

25%30%35%40%45%2026-09-25 — 1 days — at-the-money IV 33.85%2026-10-02 — 8 days — at-the-money IV 30.44%2026-10-09 — 15 days — at-the-money IV 29.38%2026-10-16 — 22 days — at-the-money IV 29.40%2026-10-23 — 29 days — at-the-money IV 29.66%2026-10-30 — 36 days — at-the-money IV 31.22%2026-11-20 — 57 days — at-the-money IV 35.93%2026-12-18 — 85 days — at-the-money IV 35.36%2027-01-15 — 113 days — at-the-money IV 35.65%2027-03-19 — 176 days — at-the-money IV 37.57%2027-06-17 — 266 days — at-the-money IV 38.44%2027-09-17 — 358 days — at-the-money IV 39.71%7306090180days to expiration

The horizontal axis is the square root of days to expiration, which is the scale volatility lives on. A curve that is flat in variance terms plots as a straight line here rather than bending sharply through the front week.

Show the underlying numbers
ExpirationDaysForwardATM IVATM strikeQuotes used
2026-09-251 day$38.4533.85%$38.467
2026-10-028 days$38.5630.44%$38.5919
2026-10-0915 days$38.5329.38%$38.5919
2026-10-1622 days$38.6229.40%$38.7226
2026-10-2329 days$38.5929.66%$38.7212
2026-10-3036 days$38.5731.22%$38.7615
2026-11-2057 days$38.7235.93%$39.1215
2026-12-1885 days$38.8735.36%$39.4418
2027-01-15113 days$39.0035.65%$39.7723
2027-03-19176 days$39.2137.57%$40.5718
2027-06-17266 days$39.1538.44%$41.3122
2027-09-17358 days$39.2239.71%$42.3716

Constant maturities

Interpolated between the bracketing listed expirations, in total variance

30 days
29.94%
60 days
35.84%
90 days
35.43%
180 days
37.62%

Interpolation is linear in total variance, not in volatility. Interpolating volatility directly implies a forward variance that can be negative between two expirations. A tenor beyond the longest listed expiration is reported as unavailable rather than extrapolated.

Term structure slope

Last 5 sessions

0.901.001.101.201.302026-09-18 — 90-day over 30-day 1.072026-09-21 — 90-day over 30-day 1.112026-09-22 — 90-day over 30-day 1.122026-09-23 — 90-day over 30-day 1.192026-09-24 — 90-day over 30-day 1.1818 Sep21 Sep22 Sep23 Sep24 Sep

The dashed line marks 1.00, where the 90-day and 30-day at-the-money volatilities are equal. Above it the longer tenor carries the higher volatility.

The term structure is the at-the-money implied volatility of each listed expiration, plotted against how far away that expiration is. Its usual shape for a calm underlying slopes gently upward, because a longer horizon admits more uncertainty.

It inverts when the market prices a dated event: an expiration that captures a scheduled announcement carries the variance of that event on top of ordinary trading, so a shorter contract can print a higher volatility than a longer one.

Earnings

What the options priced in before each report, and what happened

Next report

2026-11-04Time not statedEstimated from its reporting cadence