Options Skew Analytics

PANW 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 57.76%±16.72skew +1.11
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
86453$24.75$28.05—$365.00—————
7108$20.95$26.15—$367.5062.72%$0.56$0.9014653
122965$19.55$23.55—$370.0061.41%$0.78$1.07386148
54780$18.10$20.95—$372.5060.20%$0.93$1.42185117
124357$16.35$18.65—$375.0059.81%$1.41$1.68115658
151338$14.45$16.60—$377.5058.94%$1.83$2.106179
668795$12.50$14.05—$380.0060.17%$2.29$3.05103181
527365$11.50$12.60—$382.5059.22%$3.05$3.5535104
725817$9.85$10.70—$385.0057.60%$3.60$4.3571221
307141$8.00$9.00—$387.5057.78%$4.45$5.501976
1,551538$6.95$7.50—$390.0057.53%$5.50$6.6576144
322434$5.70$6.4057.95%$392.50—$7.05$8.355514
519345$4.65$5.3558.17%$395.00—$8.50$9.853917
33395$4.05$4.4059.64%$397.50—$10.10$11.5002
3,1702,002$3.05$3.4558.01%$400.00—$11.60$13.2574
400213$2.44$2.9159.06%$402.50—$13.20$16.15010
982780$1.89$2.3759.34%$405.00—$14.85$18.35324
297103$1.59$1.9961.04%$407.50—$16.35$20.8520
491344$1.34$1.4561.09%$410.00—$18.65$24.45140
70238$0.90$1.2360.98%$412.50—$21.05$26.7020
89202$0.72$1.0162.09%$415.00—$23.55$27.7510

Forward $391.15. The 25-delta put carries +1.11 volatility points over the 25-delta call.

2026-10-02(9 days)ATM 53.49%±32.83skew -0.69
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
12124$27.25$31.80—$365.0053.07%$3.30$3.959254
948$25.75$29.20—$367.5054.05%$3.85$4.902945
39207$25.15$27.35—$370.0053.02%$4.40$5.2512239
338$22.60$25.30—$372.5053.25%$5.15$6.002914
138186$21.55$23.45—$375.0054.31%$5.95$7.202474
2572$19.60$21.65—$377.5053.04%$6.65$7.6529
160331$18.60$19.80—$380.0052.85%$7.50$8.553637
11832$16.60$18.55—$382.5053.95%$8.45$10.1052
129334$15.80$16.90—$385.0053.85%$9.45$11.20627
3730$14.55$15.60—$387.5053.65%$10.60$12.2509
977399$13.20$14.45—$390.0051.60%$11.65$12.65952
4956$11.80$12.9053.54%$392.50—$12.90$14.9506
454221$10.60$11.9553.74%$395.00—$14.20$16.45126
6762$9.55$10.6053.11%$397.50—————
1,0071,298$8.95$9.5053.63%$400.00—$16.85$19.55113
845$7.50$9.0053.33%$402.50—$18.15$21.2590
358166$6.90$7.8553.16%$405.00—$19.95$22.5020
429$6.05$7.2053.24%$407.50—————
38286$5.30$6.4052.92%$410.00—$23.50$25.95260
233$4.55$5.9553.13%$412.50—————
174214$4.40$5.1553.71%$415.00—$27.35$30.8530

Forward $390.92. The 25-delta put carries -0.69 volatility points over the 25-delta call.

2026-10-09(16 days)ATM 53.24%±43.61skew +0.15
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
236$36.65$43.15—$355.0053.37%$4.05$4.75601
—————$357.5052.97%$4.35$5.35020
250$34.40$38.40—$360.0053.14%$5.00$5.9512017
01$32.55$36.50—$362.5053.91%$5.50$7.1010
560594$30.75$34.60—$365.0053.36%$5.90$7.80162
25$29.00$32.40—$367.5054.05%$6.95$8.60202
672$28.30$30.65—$370.0053.34%$7.70$9.05493
01$26.20$29.30—$372.5053.35%$8.40$10.0507
29069$24.20$27.25—$375.0052.84%$9.35$10.602813
12$23.95$26.30—$377.5052.41%$10.20$11.40012
15275$22.95$24.55—$380.0052.86%$11.30$12.6022461
04$19.95$22.85—$382.5052.16%$12.15$13.45110
1990$20.10$22.15—$385.0053.73%$13.35$15.504921
7379$17.60$18.45—$390.0053.39%$15.55$17.954817
5864$15.15$16.1053.17%$395.00—$17.65$20.154512
122189$13.00$13.6552.57%$400.00—$20.75$23.55130
78122$11.15$12.0052.99%$405.00—$24.20$27.00120
15135$9.45$10.4553.18%$410.00—$27.45$29.8540
20258$7.85$8.8552.79%$415.00—$30.80$34.35120
92137$6.60$7.7053.16%$420.00—$34.75$37.0010
115109$5.55$6.5053.21%$425.00—————

Forward $391.28. The 25-delta put carries +0.15 volatility points over the 25-delta call.

2026-10-16(23 days)ATM 52.66%±51.75skew -0.49
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
020$40.75$44.80—$355.0052.10%$6.20$6.601928
061$38.95$42.70—$357.5053.24%$6.55$8.20170
7757$37.75$41.05—$360.0052.19%$7.45$8.051,2241,205
058$35.50$39.15—$362.5052.42%$7.95$9.152514
068$34.60$37.55—$365.0052.03%$8.90$9.502324
127$32.05$35.35—$367.5052.42%$9.45$10.852613
1011,119$31.60$33.30—$370.0051.93%$10.45$11.2561246
215$28.95$32.40—$372.5052.74%$11.30$12.8040
1531$28.00$30.90—$375.0052.00%$12.00$13.501422
18216$27.60$29.15—$377.5053.05%$13.20$15.1016
5451,061$26.30$26.90—$380.0051.60%$14.30$15.0566363
230$23.35$26.30—$382.5052.23%$15.05$17.00014
3941$23.25$24.75—$385.0051.42%$15.90$17.85027
85727$20.95$22.10—$390.0053.31%$19.20$20.9512611
2929$17.85$20.0552.66%$395.00—$21.40$22.9503
8312,705$16.50$17.3052.88%$400.00—$23.80$26.802695
5116$14.30$15.5052.75%$405.00—————
2601,319$12.80$13.6553.02%$410.00—$30.25$33.45460
2421$10.70$12.1052.43%$415.00—————
515955$10.10$10.5053.40%$420.00—$36.90$40.80121
71186$8.35$9.3052.91%$425.00—————

Forward $391.45. The 25-delta put carries -0.49 volatility points over the 25-delta call.

2026-10-23(30 days)ATM 53.26%±59.86skew +1.14
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
013$54.35$59.65—$340.0052.70%$4.60$5.609927
0190$49.00$55.35—$345.0052.94%$5.75$6.65488
120$46.20$51.05—$350.0052.93%$6.95$7.80318
02$42.55$46.95—$355.0052.63%$7.95$9.25545
034$39.10$43.65—$360.0053.45%$9.45$11.30469
1134$36.80$40.15—$365.0054.08%$11.05$13.50311
1390$33.60$36.80—$370.0053.26%$12.60$14.95152
734$30.30$33.85—$375.0053.89%$14.60$17.45213
222$27.80$30.65—$380.0054.16%$16.95$19.65382
1038$24.75$29.00—$385.0053.46%$18.75$21.9004
6237$24.15$25.15—$390.0053.08%$21.50$23.801025
2230$21.90$22.8053.13%$395.00—$24.10$27.10154
3188$19.75$21.0553.60%$400.00—$26.60$30.3060
110$17.70$18.6553.10%$405.00—$30.05$32.9030
450$15.90$16.7553.09%$410.00—$32.10$36.75310
526$14.15$15.1053.09%$415.00—$36.25$40.2520
3587$12.60$13.3052.80%$420.00—$39.75$42.7513
8362$11.10$12.1553.03%$425.00—————
3236$9.60$10.7052.55%$430.00—————
237$7.30$9.6551.16%$435.00—————
1121$7.30$8.4052.31%$440.00—$54.55$59.6010

Forward $392.01. The 25-delta put carries +1.14 volatility points over the 25-delta call.

2026-10-30(37 days)ATM 52.60%±65.58skew +0.64
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
04$54.80$62.10—$340.0052.37%$6.25$7.106322
04$51.55$57.35—$345.0053.02%$7.30$8.852713
223$47.90$53.55—$350.0052.61%$8.75$9.7523815
05$44.65$49.70—$355.0053.85%$9.95$12.4572
356$41.80$46.05—$360.0052.99%$11.30$13.65252
529$38.95$43.00—$365.0053.93%$13.15$16.15112
8147$34.90$39.50—$370.0053.37%$15.05$17.606610
431$32.65$36.70—$375.0053.10%$17.05$19.50182
17135$30.05$33.65—$380.0052.05%$19.05$20.951213
536$26.85$31.55—$385.0053.34%$21.45$24.5533
1770$24.50$28.45—$390.0051.95%$23.95$25.75286
1174$22.20$26.2052.00%$395.00—$26.45$29.7520
230288$21.85$23.7053.46%$400.00—$29.20$32.4510
10455$18.95$21.9052.76%$405.00—$32.20$36.7020
1253$17.60$19.5052.74%$410.00—$34.80$38.6022
525$14.60$17.9551.60%$415.00—————
951$13.05$16.2551.52%$420.00—$41.85$45.2020
1313$11.65$15.3052.14%$425.00—$45.30$50.5020
56548$10.35$13.7551.97%$430.00—————
234$9.35$12.3552.04%$435.00—$52.75$56.0010
640$9.40$11.0053.20%$440.00—$56.25$62.1560

Forward $391.63. The 25-delta put carries +0.64 volatility points over the 25-delta call.

2026-11-20(58 days)ATM 55.45%±87.03skew -1.39
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
19229$102.00$107.60—$290.0057.99%$3.10$3.6058745
26216$93.10$98.00—$300.0057.60%$4.25$4.802,136109
26284$84.75$90.65—$310.0056.94%$5.70$6.1066746
162,167$76.65$82.20—$320.0056.56%$7.35$8.0048580
4271$70.75$74.50—$330.0056.47%$9.70$10.1558475
9455$62.90$67.10—$340.0056.50%$11.95$13.3523990
5730$56.20$60.00—$350.0056.44%$15.35$16.2029568
7323$50.20$54.10—$360.0056.82%$18.90$20.30822106
38514$44.80$48.30—$370.0056.91%$22.95$24.5520968
721,088$41.30$42.30—$380.0056.84%$27.55$29.001,24975
23246$36.40$36.95—$390.0056.31%$32.20$33.759824
1631,444$30.50$33.0555.62%$400.00—$37.80$41.159840
23374$26.10$28.9555.27%$410.00—$43.85$47.25480
310380$24.45$25.3556.88%$420.00—$50.20$53.90271
28411$19.85$22.3555.95%$430.00—$56.60$61.05790
29775$18.65$19.5557.44%$440.00—$63.95$68.65180
144813$15.90$16.9557.25%$450.00—$71.35$76.50880
198451$13.90$14.6057.40%$460.00—$79.30$84.65530
74444$12.00$12.9557.83%$470.00—————
7384$9.95$11.0057.31%$480.00—$95.75$101.15100
13288$8.10$9.5556.99%$490.00—$104.35$108.5521

Forward $393.72. The 25-delta put carries -1.39 volatility points over the 25-delta call.

2026-12-18(86 days)ATM 58.69%±111.92skew -1.82
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0171$89.90$95.55—$310.0056.43%$9.80$10.353,891130
0481$86.10$91.75—$315.0056.58%$10.75$11.9520638
0733$82.45$88.30—$320.0056.54%$12.20$13.0524543
1476$78.80$84.65—$325.0056.52%$13.10$14.901899
17973$75.30$80.90—$330.0056.91%$14.55$16.8535643
9263$71.90$77.30—$335.0056.67%$16.00$18.3023526
2208$69.45$74.50—$340.0056.70%$17.85$19.8517622
0211$65.50$70.95—$345.0055.18%$19.10$20.256042
16625$62.45$67.85—$350.0056.54%$21.45$23.3555017
7705$58.30$61.90—$360.0055.45%$25.40$26.0034230
14392$52.35$56.25—$370.0055.97%$30.00$30.95414260
1013,574$48.60$50.75—$380.0055.86%$34.10$36.3034720
23782$42.50$45.70—$390.0057.01%$39.45$43.0513116
42861$40.55$41.4558.65%$400.00—$44.75$48.4567716
13549$36.45$37.6558.69%$410.00—$50.70$54.351511
29522$31.75$34.2558.16%$420.00—$57.45$60.05261
171,066$29.35$30.3558.42%$430.00—$64.00$67.80178
853,558$26.40$27.3558.53%$440.00—$70.65$75.50100
58627$21.70$24.6557.23%$450.00—$78.05$83.1560
13139$19.30$21.9557.16%$460.00—$85.60$89.25810
18115$18.65$19.9058.52%$470.00—$92.40$98.7520

Forward $392.88. The 25-delta put carries -1.82 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.