Options Skew Analytics

PAYX option chain

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

Data as of 23 September 2026 (end of day)

2026-10-16(23 days)ATM 28.35%±7.53skew +0.61
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
32$15.40$17.30—$90.00—————
01$10.80$12.70—$95.0031.75%$0.25$0.40297935
54$6.50$7.80—$100.0029.16%$0.90$1.00211898
11516$3.20$3.60—$105.0028.34%$2.50$2.70289616
1,12918$1.35$1.5028.55%$110.00—$5.40$5.90355306
145416$0.50$0.6029.82%$115.00—$9.30$10.0050430
191735$0.20$0.2531.96%$120.00—$14.40$14.90482195
1751,757$0.10$0.1535.67%$125.00—$19.10$21.001440
—————$130.00—$22.50$26.10112
—————$135.00—$27.50$31.1020

Forward $105.80. The 25-delta put carries +0.61 volatility points over the 25-delta call.

2026-11-20(58 days)ATM 28.53%±12.00skew +1.28
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$90.0032.64%$0.60$0.751303
—————$95.0030.51%$1.20$1.407851
100$7.80$8.40—$100.0029.74%$2.45$2.7019552
90$4.70$5.40—$105.0028.85%$4.20$4.9065
101$2.60$3.0027.62%$110.00—$7.20$7.902,55172
388$1.35$1.8528.46%$115.00—$10.70$11.701110
77193$0.75$0.9528.87%$120.00—$14.00$16.1033
3652,489$0.25$0.3531.67%$130.00—————

Forward $105.50. The 25-delta put carries +1.28 volatility points over the 25-delta call.

2026-12-18(86 days)ATM 29.08%±14.88skew -0.41
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$39.20$42.90—$65.00—————
01$29.40$33.00—$75.00—————
07$25.80$28.00—$80.00—————
08$21.00$23.40—$85.0033.43%$0.50$0.8036224
018$16.50$18.80—$90.0032.23%$1.10$1.3555318
521$12.30$13.30—$95.0029.66%$1.60$2.30541
1361$8.70$9.50—$100.0029.23%$3.00$3.901283
2166$5.70$6.50—$105.0029.12%$5.30$6.001187
14140$3.80$4.2028.99%$110.00—$7.60$8.901252
5258$2.35$2.9029.59%$115.00—$10.90$12.50926
9297$1.50$1.8530.07%$120.00—$14.90$16.702962
28978$0.90$1.4031.39%$125.00—$19.10$21.50900
22137$0.55$0.8031.27%$130.00—$23.50$25.7090
—————$145.00—$38.00$40.30200

Forward $105.45. The 25-delta put carries -0.41 volatility points over the 25-delta call.

2027-01-15(114 days)ATM 28.75%±17.00skew +0.46
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
03$34.30$38.00—$70.00—————
02$30.70$33.10—$75.00—————
03$25.90$28.30—$80.00—————
06$21.30$23.70—$85.0033.57%$0.85$1.251022
08$17.00$19.30—$90.0031.93%$1.50$1.901778
022$13.10$15.10—$95.0029.98%$2.30$2.901,1735
088$9.60$11.60—$100.0029.07%$3.70$4.5046422
8141$6.50$7.60—$105.0028.67%$5.80$6.701486
5911,029$4.70$5.3028.97%$110.00—$8.50$9.602161
1293$3.20$4.0029.90%$115.00—$11.30$13.101270
7194$2.10$2.6029.53%$120.00—$15.30$17.10470
13338$1.40$1.8030.00%$125.00—$19.50$21.40657
—————$130.00—$23.90$25.90120
—————$135.00—$28.30$30.80360
—————$140.00—$33.10$35.601060
—————$145.00—$38.00$40.3050
14566$0.20$0.3032.83%$150.00—$42.90$46.30200

Forward $105.81. The 25-delta put carries +0.46 volatility points over the 25-delta call.

2027-03-19(177 days)ATM 28.59%±21.13skew +1.39
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$30.60$33.30—$75.00—————
04$25.80$28.70—$80.00—————
—————$85.0032.10%$1.40$2.10100
04$17.80$19.90—$90.0030.42%$2.20$2.851017
05$14.10$16.20—$95.0030.14%$3.40$4.4057
0168$10.90$12.70—$100.0029.49%$5.10$6.10345
353$8.00$9.90—$105.0029.25%$7.30$8.40705
5268$6.10$7.0028.31%$110.00—$10.00$11.40230
070$4.50$5.1028.13%$115.00—$13.00$15.103110
134$3.20$4.0028.59%$120.00—$16.80$18.40160
525$2.30$2.9528.76%$125.00—————
016$1.35$2.2028.28%$130.00—————
—————$135.00—$28.90$31.20120

Forward $106.12. The 25-delta put carries +1.39 volatility points over the 25-delta call.

2027-06-17(267 days)ATM 29.33%±26.61skew +2.50
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$35.90$38.30—$70.00—————
141$31.40$33.90—$75.00—————
—————$80.0032.53%$1.60$2.40282
08$23.10$25.10—$85.0031.74%$2.60$3.20102
01$19.20$21.60—$90.0031.28%$3.60$4.702080
010$15.90$17.60—$95.0030.09%$4.80$6.205600
413$12.90$13.80—$100.0029.36%$6.60$8.00680
2113$10.50$11.40—$105.0029.94%$9.40$10.40503
816$8.20$9.1029.31%$110.00—$11.60$13.20631
529$6.50$7.4029.43%$115.00—$14.20$16.80660
361$5.10$5.9029.41%$120.00—$18.10$20.20440
261$3.80$4.7029.17%$125.00—$21.50$23.90130
091$2.60$3.8028.78%$130.00—$25.50$28.00100
067$2.25$3.0029.45%$135.00—————
145$1.85$2.2529.57%$140.00—$34.10$36.6020
05$1.35$1.9029.83%$145.00—————
—————$150.00—$43.60$45.8010

Forward $106.08. The 25-delta put carries +2.50 volatility points over the 25-delta call.

2027-09-17(359 days)ATM 29.64%±31.12skew +2.47
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$75.0033.35%$1.95$2.3532
010$27.70$29.90—$80.0032.53%$2.80$3.2011
—————$85.0030.56%$3.30$4.20173
—————$90.0031.14%$5.20$5.70183
—————$95.0030.12%$6.40$7.5020
60$14.30$16.90—$100.00—————
—————$110.00—$12.90$15.2040
01$7.60$9.2029.49%$115.00—$15.80$18.5060
04$6.00$7.6029.16%$120.00—$18.70$21.9010
01$3.50$5.2028.62%$130.00—————
02$2.75$4.3028.67%$135.00—————

Forward $105.86. The 25-delta put carries +2.47 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.