Options Skew Analytics

ORLY option chain

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

Data as of 9 November 2026 (end of day)

2026-12-18(39 days)ATM 25.60%±7.58skew +2.48
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
047$33.60$37.60—$55.00—————
01$28.60$32.60—$60.00—————
015$23.50$27.60—$65.00—————
021$18.80$22.70—$70.00—————
069$14.60$16.30—$75.00—————
—————$77.5031.69%$0.20$0.30120
06$10.20$11.60—$80.0030.38%$0.40$0.454825
01$7.60$9.90—$82.5029.02%$0.65$0.75494
056$6.40$7.10—$85.0027.41%$1.05$1.154679
117$4.70$5.10—$87.5026.07%$1.65$1.801254
26387$3.20$3.40—$90.0025.63%$2.65$2.806463
777$2.05$2.3025.56%$92.50—$4.00$4.20170
1332,297$1.25$1.3524.93%$95.00—$5.70$6.801040
3204$0.70$0.8525.11%$97.50—————
61,148$0.40$0.5025.43%$100.00—$9.60$10.502830
—————$105.00—$12.80$16.70310

Forward $90.58. The 25-delta put carries +2.48 volatility points over the 25-delta call.

2027-01-15(67 days)ATM 25.01%±9.73skew +1.89
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
025$43.70$47.70—$45.00—————
01$38.80$42.80—$50.00—————
01$33.90$37.60—$55.00—————
06$28.90$32.60—$60.00—————
025$24.20$26.90—$65.00—————
05$19.10$22.20—$70.00—————
0146$14.40$17.30—$75.0032.18%$0.35$0.503900
0226$10.10$12.90—$80.0028.80%$0.75$0.902698
—————$82.5027.64%$1.15$1.25129
0157$6.60$8.70—$85.0026.56%$1.65$1.801,3692
111$5.30$6.30—$87.5025.44%$2.30$2.55331
12815$4.10$4.40—$90.0025.03%$3.30$3.602420
782$3.00$3.2024.99%$92.50—$4.50$4.9011510
13716$2.10$2.2524.82%$95.00—$6.00$7.204941
61646$1.40$1.5524.67%$97.50—————
41,756$0.90$1.0524.62%$100.00—$9.20$11.601220
—————$105.00—$13.90$16.301910
22,115$0.15$0.2025.56%$110.00—$18.30$21.701010
241,027$0.05$0.1026.32%$115.00—————

Forward $90.81. The 25-delta put carries +1.89 volatility points over the 25-delta call.

2027-02-19(102 days)ATM 28.45%±13.67skew +0.96
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
03$15.60$17.70—$75.0032.52%$0.70$1.15730
—————$77.5031.57%$1.00$1.5080
010$11.30$14.10—$80.0030.30%$1.45$1.80613
09$8.00$10.20—$85.0029.20%$2.55$3.30250
—————$87.5028.34%$3.40$4.1007
152$5.20$6.20—$90.0027.80%$4.40$5.20242
45$4.40$5.0028.54%$92.50—————
3283$3.30$3.9027.80%$95.00—$7.00$8.30190
0116$2.50$3.2028.07%$97.50—————
4255$1.85$2.6028.24%$100.00—————
083$1.00$1.6028.39%$105.00—————

Forward $90.91. The 25-delta put carries +0.96 volatility points over the 25-delta call.

2027-03-19(130 days)ATM 27.19%±14.84skew +2.71
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
08$39.30$42.90—$50.00—————
01$29.80$32.40—$60.00—————
04$25.00$27.70—$65.00—————
01$20.40$23.10—$70.00—————
07$16.30$18.80—$75.0032.40%$1.00$1.502370
—————$77.5030.58%$1.30$1.701515
089$12.30$14.80—$80.0029.92%$1.85$2.102470
01$10.30$13.10—$82.5029.19%$2.40$2.7020
032$8.80$11.00—$85.0028.75%$3.10$3.501220
103$7.40$8.60—$87.5028.08%$4.00$4.3072
065$6.20$6.90—$90.0027.19%$4.80$5.4015317
103$5.10$5.6027.19%$92.50—$6.20$6.60490
2326$4.10$4.6027.21%$95.00—$7.40$8.001890
052$3.10$3.7026.72%$97.50—————
3567$2.45$2.9026.63%$100.00—$10.10$12.2060
27294$1.45$1.7526.48%$105.00—————

Forward $91.43. The 25-delta put carries +2.71 volatility points over the 25-delta call.

2027-06-17(220 days)ATM 28.30%±20.35skew +3.07
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$30.60$33.50—$60.00—————
028$22.00$24.70—$70.00—————
01$17.70$20.60—$75.0031.95%$1.80$2.60830
01$16.20$18.70—$77.50—————
022$14.40$16.40—$80.0030.81%$2.80$3.80604
01$12.60$15.20—$82.5030.10%$3.40$4.50360
039$11.00$13.60—$85.0029.63%$4.10$5.402330
—————$87.5029.33%$5.10$6.30760
0134$8.30$10.60—$90.0028.79%$6.00$7.40640
034$6.20$7.6028.29%$95.00—$8.40$10.00240
03$5.20$6.6028.10%$97.50—————
0253$4.40$5.2027.13%$100.00—————
0204$2.95$4.2027.69%$105.00—————
099$2.00$3.1027.74%$110.00—————
0131$1.35$2.0527.28%$115.00—————

Forward $92.64. The 25-delta put carries +3.07 volatility points over the 25-delta call.

2027-09-17(312 days)ATM 28.18%±24.36skew +1.48
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$42.90$46.10—$47.50—————
01$31.50$34.60—$60.00—————
03$27.50$30.50—$65.00—————
—————$70.0032.61%$1.60$2.60580
—————$75.0030.68%$2.50$3.20144
1205$16.40$17.70—$80.0029.31%$3.60$4.30930
01$13.50$17.50—$82.5030.04%$4.20$5.8010
01$12.10$16.00—$85.0029.67%$5.10$6.60640
—————$87.5029.49%$6.10$7.6010
091$9.40$13.00—$90.0029.48%$7.30$8.70860
01$8.10$12.00—$92.5029.02%$8.30$9.90390
021$8.20$9.3028.32%$95.00—$9.80$11.2010
—————$97.50—$11.00$13.1010
020$6.10$7.5028.04%$100.00—————
031$4.50$6.0027.93%$105.00—————
06$3.30$4.7027.81%$110.00—————
057$2.40$3.7027.83%$115.00—————

Forward $93.49. The 25-delta put carries +1.48 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.