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PBR options analytics

PBR · Stock

Data as of 24 September 2026 (end of day)

PBR options are pricing a 30-day at-the-money volatility of 50.2%, a move of about ±14.4% over the next month. Its history here is 5 sessions, short of the 180 a percentile needs, so this reading is not yet ranked against its own past.

Its 25-delta puts carry 0.06 volatility points more than the calls.

The term structure is inverted: 90-day volatility is 10% below 30-day, which happens when the market prices something dated into the nearer expirations.

Its next earnings report is 2026-11-10, after the close.

Current readings

30-day ATM implied volatilityⓘ
50.18%

Prices a move of about ±14.4% over 30 days, or ±3.2% on a typical day.

25-delta risk reversalⓘ
+0.06

Puts carry 0.06 volatility points more than calls the same distance from the money.

25-delta butterflyⓘ
+0.06

The wings carry 0.06 volatility points more than at-the-money.

Term structure slopeⓘ
0.903

90-day volatility is 10% below 30-day.

Where 30-day implied volatility sits

Against 5 prior sessions (one-year window)

Not enough history in this window to place the current reading.

IV percentile, 1 year
—
IV rank, 1 year
—
IV percentile, 2 years
—
IV rank, 2 years
—

Rank is the position between the lowest and highest readings in the window, so a single past extreme pins everything after it near one end. Percentile is the share of sessions below the current reading and is unaffected by how far that extreme reached. Both are withheld when the window holds fewer than 180 sessions.

Session detail

Underlying close
$20.84
30-day implied forward
$20.97
60-day ATM IV
49.94%
90-day ATM IV
45.32%
180-day ATM IV
40.64%
Expirations used
9
Total open interest
1,846,660
Put / call open interest
0.73

The forward is derived from put-call parity on the strikes nearest the money, not taken from the underlying close. It is what every moneyness and delta on this page is measured against.

30-day at-the-money implied volatility

Last 5 sessions

47%48%49%50%51%2026-09-18 — 30-day ATM IV 48%2026-09-21 — 30-day ATM IV 49%2026-09-22 — 30-day ATM IV 49%2026-09-23 — 30-day ATM IV 50%2026-09-24 — 30-day ATM IV 50%18 Sep21 Sep22 Sep23 Sep24 Sep
Show the underlying numbers (most recent 5)
Session30-day ATM IV25-delta RRTerm slopeClose
2026-09-2450.18%+0.060.903$20.84
2026-09-2349.57%-1.460.911$21.14
2026-09-2248.72%-0.980.940$20.76
2026-09-2148.78%-0.810.930$20.63
2026-09-1847.56%-1.490.971$20.80

The chart covers every session in the archive, 5 in total. The table lists the most recent 5.

25-delta risk reversal

Last 5 sessions

-2.0-1.5-1.0-0.50.00.52026-09-18 — 25-delta RR (volatility points) -1.52026-09-21 — 25-delta RR (volatility points) -0.82026-09-22 — 25-delta RR (volatility points) -1.02026-09-23 — 25-delta RR (volatility points) -1.52026-09-24 — 25-delta RR (volatility points) 0.118 Sep21 Sep22 Sep23 Sep24 Sep

The dashed line marks zero, where the 25-delta put and call carry the same implied volatility.

Skew curve

Implied volatility by delta, front expirations

Implied volatility by delta

8d (2026-10-02) · 15d (2026-10-09) · 22d (2026-10-16)

30%40%50%60%70%2026-10-02 (8d) — 5Δ C — IV 47.08%2026-10-02 (8d) — 10Δ C — IV 41.91%2026-10-02 (8d) — 15Δ C — IV 40.87%2026-10-02 (8d) — 20Δ C — IV 40.63%2026-10-02 (8d) — 25Δ C — IV 40.61%2026-10-02 (8d) — 30Δ C — IV 40.61%2026-10-02 (8d) — 35Δ C — IV 40.57%2026-10-02 (8d) — 40Δ C — IV 40.18%2026-10-02 (8d) — 45Δ C — IV 39.71%2026-10-02 (8d) — ATM — IV 39.51%2026-10-02 (8d) — 45Δ P — IV 39.43%2026-10-02 (8d) — 40Δ P — IV 39.38%2026-10-02 (8d) — 35Δ P — IV 39.36%2026-10-02 (8d) — 30Δ P — IV 39.57%2026-10-02 (8d) — 25Δ P — IV 40.06%2026-10-02 (8d) — 20Δ P — IV 40.63%2026-10-02 (8d) — 15Δ P — IV 41.39%2026-10-02 (8d) — 10Δ P — IV 42.14%8d2026-10-09 (15d) — 5Δ C — IV 63.18%2026-10-09 (15d) — 10Δ C — IV 59.82%2026-10-09 (15d) — 15Δ C — IV 57.57%2026-10-09 (15d) — 20Δ C — IV 56.95%2026-10-09 (15d) — 25Δ C — IV 56.32%2026-10-09 (15d) — 30Δ C — IV 55.73%2026-10-09 (15d) — 35Δ C — IV 55.60%2026-10-09 (15d) — 40Δ C — IV 55.46%2026-10-09 (15d) — 45Δ C — IV 55.34%2026-10-09 (15d) — ATM — IV 55.24%2026-10-09 (15d) — 45Δ P — IV 55.21%2026-10-09 (15d) — 40Δ P — IV 55.20%2026-10-09 (15d) — 35Δ P — IV 55.49%2026-10-09 (15d) — 30Δ P — IV 55.66%2026-10-09 (15d) — 25Δ P — IV 55.70%2026-10-09 (15d) — 20Δ P — IV 56.58%2026-10-09 (15d) — 15Δ P — IV 56.97%2026-10-09 (15d) — 10Δ P — IV 57.51%2026-10-09 (15d) — 5Δ P — IV 59.82%15d2026-10-16 (22d) — 5Δ C — IV 57.19%2026-10-16 (22d) — 10Δ C — IV 53.70%2026-10-16 (22d) — 15Δ C — IV 52.13%2026-10-16 (22d) — 20Δ C — IV 51.76%2026-10-16 (22d) — 25Δ C — IV 49.98%2026-10-16 (22d) — 30Δ C — IV 50.46%2026-10-16 (22d) — 35Δ C — IV 50.01%2026-10-16 (22d) — 40Δ C — IV 49.95%2026-10-16 (22d) — 45Δ C — IV 50.00%2026-10-16 (22d) — ATM — IV 49.82%2026-10-16 (22d) — 45Δ P — IV 49.80%2026-10-16 (22d) — 40Δ P — IV 49.84%2026-10-16 (22d) — 35Δ P — IV 49.90%2026-10-16 (22d) — 30Δ P — IV 49.99%2026-10-16 (22d) — 25Δ P — IV 50.20%2026-10-16 (22d) — 20Δ P — IV 51.01%2026-10-16 (22d) — 15Δ P — IV 52.07%2026-10-16 (22d) — 10Δ P — IV 51.29%2026-10-16 (22d) — 5Δ P — IV 54.67%22d10Δ C25Δ CATM25Δ P10Δ Pout-of-the-money calls ← delta → out-of-the-money puts

The axis is call delta. Readings to the right of the dashed centre line are taken from the out-of-the-money put at that strike, which is the contract whose quote the volatility was solved from. Points are only plotted where surviving quotes bracket the delta on both sides; nothing is extrapolated past the last traded strike.

Show the underlying numbers
Delta8d15d22d
5Δ call47.08%63.18%57.19%
10Δ call41.91%59.82%53.70%
15Δ call40.87%57.57%52.13%
20Δ call40.63%56.95%51.76%
25Δ call40.61%56.32%49.98%
30Δ call40.61%55.73%50.46%
35Δ call40.57%55.60%50.01%
40Δ call40.18%55.46%49.95%
45Δ call39.71%55.34%50.00%
ATM39.51%55.24%49.82%
45Δ put39.43%55.21%49.80%
40Δ put39.38%55.20%49.84%
35Δ put39.36%55.49%49.90%
30Δ put39.57%55.66%49.99%
25Δ put40.06%55.70%50.20%
20Δ put40.63%56.58%51.01%
15Δ put41.39%56.97%52.07%
10Δ put42.14%57.51%51.29%
5Δ put—59.82%54.67%

Wing readings by expiration

ExpirationDaysForwardATM IV25Δ put25Δ callRRButterflyQuotes
2026-10-028$20.9239.51%40.06%40.61%-0.55+0.8211
2026-10-0915$20.9455.24%55.70%56.32%-0.62+0.7619
2026-10-1622$20.9549.82%50.20%49.98%+0.22+0.2726
2026-11-2057$21.0350.65%50.37%50.52%-0.15-0.2117
2026-12-1885$20.9645.74%46.11%46.19%-0.09+0.4122
2027-01-15113$20.7743.83%44.37%44.21%+0.16+0.4621
2027-02-19148$20.8041.21%41.75%42.07%-0.31+0.7019
2027-03-19176$20.8240.71%41.07%41.97%-0.90+0.8121
2027-06-17266$20.6539.61%41.20%40.39%+0.82+1.1811

Each curve above is one expiration. The vertical position is implied volatility; the horizontal position is the delta of the contract it was read from. For US equities the curve normally slopes upward to the right, meaning out-of-the-money puts carry higher implied volatility than equidistant calls.

The 25-delta risk reversal summarises that slope as a single number: the 25-delta put volatility minus the 25-delta call volatility. The butterfly summarises the curvature: the average of the two wings minus the at-the-money reading.

Term structure

At-the-money implied volatility by expiration

At-the-money implied volatility by expiration

9 listed expirations produced a usable reading

35%40%45%50%55%60%2026-10-02 — 8 days — at-the-money IV 39.51%2026-10-09 — 15 days — at-the-money IV 55.24%2026-10-16 — 22 days — at-the-money IV 49.82%2026-11-20 — 57 days — at-the-money IV 50.65%2026-12-18 — 85 days — at-the-money IV 45.74%2027-01-15 — 113 days — at-the-money IV 43.83%2027-02-19 — 148 days — at-the-money IV 41.21%2027-03-19 — 176 days — at-the-money IV 40.71%2027-06-17 — 266 days — at-the-money IV 39.61%306090180days to expiration

The horizontal axis is the square root of days to expiration, which is the scale volatility lives on. A curve that is flat in variance terms plots as a straight line here rather than bending sharply through the front week.

Show the underlying numbers
ExpirationDaysForwardATM IVATM strikeQuotes used
2026-10-028 days$20.9239.51%$20.9611
2026-10-0915 days$20.9455.24%$21.0719
2026-10-1622 days$20.9549.82%$21.1126
2026-11-2057 days$21.0350.65%$21.4617
2026-12-1885 days$20.9645.74%$21.4822
2027-01-15113 days$20.7743.83%$21.3921
2027-02-19148 days$20.8041.21%$21.5219
2027-03-19176 days$20.8240.71%$21.6721
2027-06-17266 days$20.6539.61%$21.8611

Constant maturities

Interpolated between the bracketing listed expirations, in total variance

30 days
50.18%
60 days
49.94%
90 days
45.32%
180 days
40.64%

Interpolation is linear in total variance, not in volatility. Interpolating volatility directly implies a forward variance that can be negative between two expirations. A tenor beyond the longest listed expiration is reported as unavailable rather than extrapolated.

Term structure slope

Last 5 sessions

0.850.900.951.001.052026-09-18 — 90-day over 30-day 0.972026-09-21 — 90-day over 30-day 0.932026-09-22 — 90-day over 30-day 0.942026-09-23 — 90-day over 30-day 0.912026-09-24 — 90-day over 30-day 0.9018 Sep21 Sep22 Sep23 Sep24 Sep

The dashed line marks 1.00, where the 90-day and 30-day at-the-money volatilities are equal. Above it the longer tenor carries the higher volatility.

The term structure is the at-the-money implied volatility of each listed expiration, plotted against how far away that expiration is. Its usual shape for a calm underlying slopes gently upward, because a longer horizon admits more uncertainty.

It inverts when the market prices a dated event: an expiration that captures a scheduled announcement carries the variance of that event on top of ordinary trading, so a shorter contract can print a higher volatility than a longer one.

Earnings

What the options priced in before each report, and what happened

Next report

2026-11-10After the closeAnnounced