Options Skew Analytics

ORLY option chain

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

Data as of 23 September 2026 (end of day)

2026-11-20(58 days)ATM 30.81%±10.64skew +0.77
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
010$39.40$43.40—$45.00—————
015$34.50$38.30—$50.00—————
02$20.00$22.20—$65.00—————
057$15.60$17.50—$70.0038.03%$0.35$0.50996
1343$12.20$12.90—$75.0035.34%$0.75$1.0524014
037$8.20$8.80—$80.0031.41%$1.55$1.7567937
15785$4.90$5.20—$85.0031.01%$3.30$3.601,44518
254235$2.65$2.9530.66%$90.00—$6.00$6.301940
2511,880$1.35$1.5030.64%$95.00—$9.50$11.00860
93,352$0.65$0.7531.13%$100.00—$13.70$15.40250
—————$105.00—$17.60$20.8010

Forward $86.61. The 25-delta put carries +0.77 volatility points over the 25-delta call.

2026-12-18(86 days)ATM 29.61%±12.50skew +1.23
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
047$30.00$33.20—$55.00—————
01$25.80$27.50—$60.00—————
015$20.40$22.80—$65.00—————
021$15.70$17.90—$70.00—————
069$12.00$13.50—$75.0034.67%$1.10$1.701152
06$8.10$9.60—$80.0030.81%$2.10$2.353862
543$5.80$6.10—$85.0029.83%$3.80$4.203163
1251$3.60$3.7029.54%$90.00—$6.40$6.901990
6392$2.05$2.2029.59%$95.00—$9.70$11.30990
51,045$1.00$1.3029.47%$100.00—$14.00$14.702820
1640$0.50$0.7529.88%$105.00—$18.50$20.90160

Forward $86.97. The 25-delta put carries +1.23 volatility points over the 25-delta call.

2027-01-15(114 days)ATM 28.73%±14.02skew +0.99
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
025$39.90$43.60—$45.00—————
01$35.00$38.60—$50.00—————
01$30.20$33.30—$55.00—————
06$25.40$27.90—$60.00—————
025$20.70$23.20—$65.00—————
05$16.70$18.50—$70.0033.86%$0.75$1.003350
0151$12.40$14.10—$75.0031.61%$1.40$1.654060
0228$8.80$10.30—$80.0030.01%$2.50$2.802833
0157$6.70$6.90—$85.0029.60%$4.40$4.701,3810
0624$4.10$4.5028.43%$90.00—$7.00$7.302480
3580$2.40$2.8528.14%$95.00—$10.10$11.804970
1826$1.55$1.8029.03%$100.00—$14.10$16.201220
10745$0.80$1.1028.84%$105.00—$18.60$20.901910
—————$110.00—$22.50$25.801010

Forward $87.28. The 25-delta put carries +0.99 volatility points over the 25-delta call.

2027-02-19(149 days)ATM 29.61%±16.57skew +2.05
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$70.0034.61%$1.10$1.65500
—————$75.0032.52%$1.95$2.40590
09$9.40$11.50—$80.0031.36%$3.10$3.90290
08$7.50$8.30—$85.0030.33%$5.00$5.70240
050$5.10$5.8029.56%$90.00—$7.60$8.50220
0193$3.30$4.1029.45%$95.00—$10.80$12.50190
0114$2.10$2.7529.31%$100.00—————
036$1.30$1.9029.59%$105.00—————
037$0.85$1.3530.33%$110.00—————
0243$0.55$0.9030.69%$115.00—————

Forward $87.59. The 25-delta put carries +2.05 volatility points over the 25-delta call.

2027-03-19(177 days)ATM 29.53%±18.06skew +1.46
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
08$35.40$39.30—$50.00—————
01$26.10$28.70—$60.00—————
04$21.70$24.10—$65.0034.59%$0.80$1.00940
01$17.60$19.60—$70.0033.74%$1.35$1.851640
07$13.60$15.80—$75.0031.76%$2.25$2.6525213
089$10.60$12.10—$80.0030.59%$3.60$4.0016079
2419$8.20$8.90—$85.0029.99%$5.50$6.0010910
162$5.70$6.5029.50%$90.00—$8.00$8.501470
12236$3.90$4.5028.93%$95.00—$10.80$13.001800
1250$2.65$3.2029.12%$100.00—$14.70$17.2060
0193$1.70$2.2529.13%$105.00—————
046$1.10$1.7029.77%$110.00—————
097$0.75$1.2030.21%$115.00—————
015$0.30$0.5032.55%$130.00—————

Forward $87.81. The 25-delta put carries +1.46 volatility points over the 25-delta call.

2027-06-17(267 days)ATM 30.13%±22.83skew +3.44
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$28.00$29.70—$60.0036.65%$0.85$1.40330
—————$65.0034.11%$1.35$1.801190
028$19.50$21.40—$70.0033.59%$2.05$3.00130
01$15.70$17.70—$75.0032.57%$3.20$4.20250
022$12.40$14.40—$80.0031.70%$4.70$5.80350
035$9.70$11.30—$85.0030.72%$6.50$7.80730
052$7.80$8.8030.44%$90.00—$9.00$10.30290
010$5.70$6.6029.44%$95.00—$11.80$14.00200
0159$4.20$5.2029.57%$100.00—————
0175$3.00$3.8029.06%$105.00—$19.40$21.5010
09$2.20$2.8529.13%$110.00—————
0131$1.60$2.3029.66%$115.00—————
021$1.15$1.8029.95%$120.00—————
056$0.85$1.1029.20%$125.00—————

Forward $88.61. The 25-delta put carries +3.44 volatility points over the 25-delta call.

2027-09-17(359 days)ATM 30.33%±27.10skew +3.73
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$28.30$31.30—$60.00—————
03$24.10$27.20—$65.00—————
—————$70.0033.70%$2.75$3.80570
—————$75.0033.20%$4.10$5.20102
0204$13.70$16.40—$80.0032.39%$5.70$6.80890
—————$85.0030.60%$7.30$8.40640
091$9.40$11.40—$90.0030.46%$9.70$10.90860
04$7.50$9.3030.30%$95.00—————
015$6.00$7.3029.93%$100.00—————
01$4.70$6.1030.22%$105.00—————
02$3.40$4.5029.05%$110.00—————
057$2.60$3.8029.48%$115.00—————

Forward $90.10. The 25-delta put carries +3.73 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.