Options Skew Analytics

PANW option chain

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

Data as of 9 November 2026 (end of day)

2026-11-13(4 days)ATM 73.15%±25.45skew +4.36
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
522$24.25$28.75—$307.5078.20%$2.36$2.457846
511$23.25$26.60—$310.0077.73%$2.81$2.89470170
40$22.80$23.30—$312.5076.92%$3.25$3.4019648
815$20.75$21.50—$315.0076.21%$3.80$3.9534776
1626$19.00$19.50—$317.5075.98%$4.45$4.653038
9476$17.35$17.70—$320.0075.28%$5.15$5.3547954
4526$15.70$16.00—$322.5074.92%$6.00$6.151792
6452$14.05$14.40—$325.0074.26%$6.85$7.0562376
7230$12.60$12.90—$327.5074.42%$7.85$8.206162
200298$11.15$11.50—$330.0073.50%$8.95$9.1532080
184179$9.95$10.2073.34%$332.50—$10.15$10.408418
118167$8.70$8.9572.66%$335.00—$11.45$11.70314111
7786$7.65$7.9072.71%$337.50—$12.75$13.15186
232315$6.75$6.9072.82%$340.00—$14.35$14.6534425
93113$5.80$5.9572.23%$342.50—$15.90$16.30375
239250$5.00$5.1572.10%$345.00—$17.60$17.9512121
8339$4.30$4.4572.10%$347.50—$19.40$19.753244
504262$3.65$3.8071.85%$350.00—$21.25$21.6539418
140121$3.10$3.2071.59%$352.50—$23.30$23.559310
258148$2.60$2.7071.38%$355.00—$24.80$27.551378
13823$2.19$2.2771.33%$357.50—$25.50$30.5092

Forward $332.30. The 25-delta put carries +4.36 volatility points over the 25-delta call.

2026-11-20(11 days)ATM 86.94%±50.18skew +5.17
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0—$34.55$35.10—$307.5090.09%$9.75$10.00—7
16802$33.10$33.40—$310.0089.77%$10.60$10.751,03844
10—$31.40$31.75—$312.5089.47%$11.40$11.65—1
1055$29.70$30.15—$315.0089.19%$12.30$12.5518341
43—$28.15$28.60—$317.5088.81%$13.25$13.45—28
1231,185$26.80$27.05—$320.0088.68%$14.25$14.502,097126
4—$25.20$25.60—$322.5088.33%$15.25$15.55—14
9894$23.80$24.20—$325.0088.09%$16.35$16.65104136
9928$22.45$22.80—$327.5087.75%$17.45$17.80121178
61264$21.10$21.50—$330.0087.64%$18.70$19.001,12561
1219$19.85$20.2087.21%$332.50—$19.85$20.255322
1843$18.70$19.0087.09%$335.00—$21.10$21.451474
854$17.50$17.8586.76%$337.50—$22.45$22.852412
134623$16.40$16.7086.44%$340.00—$23.85$24.151,83750
19$15.30$15.6586.12%$342.50—$25.25$25.65351
5147$14.30$14.7086.04%$345.00—$26.75$27.151014
382$13.35$13.7085.75%$347.50—$28.25$28.65780
871,305$12.45$12.7585.48%$350.00—$29.90$30.202,16745
9275$11.60$11.8585.23%$352.50—$31.50$31.80904
31112$10.75$11.0585.00%$355.00—$33.15$33.50903
1176$10.00$10.3084.93%$357.50—$34.90$35.3017810

Forward $332.47. The 25-delta put carries +5.17 volatility points over the 25-delta call.

2026-11-27(18 days)ATM 72.79%±53.68skew +7.14
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0—$37.35$41.60—$302.5081.30%$9.55$12.40—0
02$35.55$39.50—$305.0078.77%$10.60$11.806013
12—$34.30$38.85—$307.5081.57%$11.15$14.45—7
15333$33.30$36.75—$310.0081.22%$12.00$15.30591
0—$30.65$35.15—$312.5078.11%$12.80$14.80—18
05$29.05$33.15—$315.0080.55%$13.80$17.1511922
0—$27.95$31.85—$317.5080.31%$14.80$18.15—6
10014$29.00$29.70—$320.0079.66%$15.60$19.207219
0—$26.35$28.90—$322.5077.20%$16.55$19.15—18
2318$24.90$27.50—$325.0077.52%$18.30$19.9513611
13—$23.45$26.00—$327.5078.45%$18.75$22.50—0
1616$21.45$25.10—$330.0076.64%$20.00$22.7516820
10—$21.40$23.6577.44%$332.50—$20.95$24.90—0
28128$18.20$22.1573.29%$335.00—$23.00$24.55960
0—$16.90$20.9072.67%$337.50—$23.85$27.45—0
14191$17.05$19.7074.45%$340.00—$25.55$27.75933
0—$14.70$18.8572.41%$342.50—$26.20$30.20—2
0200$14.90$17.7574.16%$345.00—$28.55$30.451180
1777$14.05$15.4574.94%$350.00—$30.95$34.402892
262$12.25$13.6574.38%$355.00—$33.90$36.701031
25132$10.60$12.2074.16%$360.00—$37.30$41.601250

Forward $332.10. The 25-delta put carries +7.14 volatility points over the 25-delta call.

2026-12-04(25 days)ATM 72.59%±62.91skew +3.16
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$280.0075.30%$6.10$7.00624
05$52.80$57.70—$285.0074.69%$7.05$8.15621
05$48.50$53.20—$290.0074.10%$8.25$9.30311
02$44.95$49.50—$295.0073.40%$9.55$10.55140
07$41.45$44.90—$300.0072.76%$10.95$12.00547
08$38.45$41.80—$305.0072.16%$12.45$13.656118
020$36.35$39.35—$310.0072.05%$14.25$15.604231
24$32.00$35.55—$315.0071.67%$15.80$17.9526311
67$29.00$32.90—$320.0071.86%$17.90$20.456067
92$26.20$30.05—$325.0071.05%$20.25$22.3510447
194$23.50$27.40—$330.0072.40%$22.50$26.153940
15$20.80$25.0071.57%$335.00—$24.70$27.154127
28$20.80$22.5574.13%$340.00—$27.75$31.356717
2421$18.75$20.5073.87%$345.00—$30.35$32.95231
1932$16.85$18.5073.48%$350.00—$33.40$36.15269
414$15.05$16.5072.81%$355.00—$36.35$40.15432
1722$13.15$14.4571.48%$360.00—$39.65$42.4061
1323$11.70$13.2071.66%$365.00—$43.00$47.2582
413$10.15$11.7070.88%$370.00—$46.30$49.40242
2066$9.00$10.0069.98%$375.00—$50.25$53.35190
7131$8.10$8.9570.24%$380.00—$53.60$58.50210

Forward $331.13. The 25-delta put carries +3.16 volatility points over the 25-delta call.

2026-12-11(32 days)ATM 68.42%±67.15skew +3.43
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$280.0071.62%$7.30$8.2531
02$54.10$58.65—$285.0071.04%$8.40$9.4045
—————$290.0070.48%$9.55$10.75140
01$47.20$51.55—$295.0070.09%$10.95$12.2022
260$43.75$47.05—$300.0069.45%$12.30$13.803017
261$40.40$44.70—$305.0069.01%$13.90$15.55054
51$37.15$41.35—$310.0069.45%$15.70$18.00412
05$34.10$37.90—$315.0070.80%$17.45$21.501911
28$31.15$34.90—$320.0070.15%$19.45$23.601112
255$28.40$32.50—$325.0067.97%$21.80$24.45512
65$25.60$29.75—$330.0069.33%$24.00$28.451821
14$24.20$27.3570.25%$335.00—$26.50$29.3061
110$20.55$24.7567.66%$340.00—$29.10$33.35150
162$18.65$22.4567.33%$345.00—$31.85$36.1540
365$16.50$20.6066.90%$350.00—$35.10$37.70180
05$15.25$18.5567.03%$355.00—$38.05$42.0560
129$13.20$16.3065.47%$360.00—$41.10$44.0580
161$13.35$14.9567.78%$365.00—$44.30$48.0550
146$11.65$13.0066.41%$370.00—$47.85$52.15800
109$9.30$12.3065.50%$375.00—$51.25$54.70461
57$9.35$10.8066.67%$380.00—$55.25$59.95120

Forward $331.46. The 25-delta put carries +3.43 volatility points over the 25-delta call.

2026-12-18(39 days)ATM 65.24%±71.05skew +5.32
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
8635$67.65$72.10—$270.0071.08%$6.55$7.2029749
21299$63.60$67.80—$275.0070.52%$7.50$8.2038039
7500$59.75$63.90—$280.0070.30%$8.65$9.4072448
0202$55.95$60.05—$285.0069.48%$9.70$10.5562359
2166$52.50$56.80—$290.0069.86%$11.05$12.4079238
0328$48.40$53.30—$295.0069.10%$12.75$13.4066126
3410$45.40$49.25—$300.0068.87%$14.40$15.052,300465
0215$42.80$46.40—$305.0069.93%$15.65$18.3541630
3172$38.95$42.75—$310.0068.16%$17.95$18.703,93031
23520$37.20$39.55—$315.0067.13%$19.40$20.70454154
28729$33.00$36.75—$320.0067.38%$21.85$23.0059378
18471$30.80$34.55—$325.0066.46%$23.90$25.0028944
991,002$29.45$31.00—$330.0066.00%$26.25$27.3572059
6374$27.00$28.7566.44%$335.00—$28.20$31.1546832
88236$23.65$26.7065.19%$340.00—$31.20$33.3551127
9314$22.55$24.5066.06%$345.00—$34.00$36.5567023
30754$21.30$22.5566.75%$350.00—$36.80$39.452,6101,376
462746$17.15$18.2564.86%$360.00—$42.70$46.251,96922
71460$14.00$15.0064.23%$370.00—$49.80$52.8073119
2343,836$11.55$12.4064.20%$380.00—$56.55$60.0077824
731,095$9.05$10.3563.78%$390.00—$64.45$69.002926

Forward $333.19. The 25-delta put carries +5.32 volatility points over the 25-delta call.

2026-12-24(45 days)ATM 63.63%±74.39skew +6.65
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$285.0067.21%$10.20$11.8504
—————$290.0067.20%$11.60$13.5020
—————$295.0066.91%$13.20$15.0072
—————$300.0066.51%$14.80$16.65173
—————$305.0068.49%$16.35$20.553192
03$40.20$45.20—$310.0066.84%$18.25$21.4078
—————$315.0067.80%$20.30$24.552068
21$34.40$38.85—$320.0064.76%$22.20$24.601510
02$31.60$36.40—$325.0063.91%$24.40$26.5017
—————$330.0066.17%$26.95$31.1516
01$26.15$32.0064.75%$335.00—————
03$24.30$28.8563.99%$340.00—$31.70$35.4512
04$21.60$26.3062.68%$345.00—$34.25$39.2011
01$19.60$24.2562.40%$350.00—$37.10$41.3010
—————$355.00—$40.50$44.25101
60$16.10$20.4561.89%$360.00—$43.20$48.0531
10$14.35$18.6561.35%$365.00—$46.65$50.7510
222$14.60$16.7562.73%$370.00—$50.20$54.7050
—————$375.00—$53.75$58.2540
13$11.25$14.0561.61%$380.00—————
10$9.50$12.7060.55%$385.00—————

Forward $332.96. The 25-delta put carries +6.65 volatility points over the 25-delta call.

2027-01-15(67 days)ATM 60.23%±86.15skew +4.87
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0763$70.70$76.55—$270.0065.02%$10.15$11.052,493453
0391$68.40$72.65—$275.0064.45%$11.40$12.101,24713
42,492$64.75$69.00—$280.0064.03%$12.60$13.501,5201
2858$61.15$65.65—$285.0063.33%$14.05$14.6042087
2866$57.70$62.00—$290.0062.49%$15.15$16.101,73799
3592$54.35$58.60—$295.0063.21%$16.70$18.8065929
292,583$51.10$55.35—$300.0062.27%$18.90$19.502,06894
15898$48.10$51.90—$305.0063.22%$20.30$23.1053413
17447$45.10$48.95—$310.0062.07%$22.35$24.1559350
5804$42.20$45.50—$315.0061.69%$24.45$26.1566568
1991,789$39.60$43.30—$320.0061.01%$26.90$27.702,30928
19632$37.50$40.30—$325.0062.24%$28.55$32.3592438
14596$35.50$37.50—$330.0060.71%$30.90$33.505627
33525$33.75$34.8561.63%$335.00—$33.55$37.3055210
42481$30.60$33.1061.08%$340.00—$36.30$39.9049118
19267$28.00$30.7060.26%$345.00—$39.20$40.851,29222
571,674$24.85$28.9059.29%$350.00—$41.75$45.551,58120
491,278$22.80$24.4059.75%$360.00—$47.70$51.601,02811
242870$19.10$21.0059.01%$370.00—$54.35$58.2059910
1321,229$17.15$17.7059.29%$380.00—$61.15$65.251,8050
86644$12.95$15.3557.62%$390.00—$68.50$72.651,02511

Forward $333.87. The 25-delta put carries +4.87 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.