Options Skew Analytics

PBR option chain

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

Data as of 25 September 2026 (end of day)

2026-10-02(7 days)ATM 38.69%±1.10skew -0.11
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$8.15$10.70—$11.00—————
35$7.20$7.60—$13.00—————
02$3.30$3.60—$17.00—————
0798$2.82$3.10—$17.50—————
02,028$2.34$2.57—$18.00—————
4128$1.85$2.08—$18.5047.26%$0.02$0.0527490
4408$1.41$1.55—$19.0042.66%$0.05$0.0778223
837$0.97$1.12—$19.5039.92%$0.10$0.145529
41383$0.65$0.72—$20.0039.13%$0.23$0.2789892
60328$0.39$0.4338.67%$20.50—$0.44$0.4912491
1771,392$0.20$0.2338.25%$21.00—$0.68$0.8940729
421,099$0.10$0.1340.03%$21.50—$1.07$1.24111
502,227$0.04$0.0639.83%$22.00—$1.53$2.3010
452,079$0.02$0.0341.70%$22.50—————
1384$0.01$0.0449.13%$23.00—————

Forward $20.44. The 25-delta put carries -0.11 volatility points over the 25-delta call.

2026-10-09(14 days)ATM 54.95%±2.20skew +1.13
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$6.80$7.10—$13.50—————
01$5.85$6.10—$14.50—————
—————$16.5060.52%$0.01$0.0510
053$3.35$3.65—$17.0060.25%$0.04$0.07108
02$2.93$3.15—$17.5058.30%$0.07$0.1086312
05$2.48$2.68—$18.0057.14%$0.12$0.151,5000
012$2.07$2.24—$18.5056.74%$0.20$0.231,32065
1216$1.70$1.84—$19.0056.19%$0.31$0.341,35859
3541$1.37$1.48—$19.5055.50%$0.46$0.48769516
30269$1.08$1.15—$20.0055.05%$0.64$0.681,04412
3270$0.83$0.8854.95%$20.50—$0.88$0.9270817
361,284$0.62$0.6755.12%$21.00—$1.15$1.212,83820
5441,401$0.46$0.5055.52%$21.50—$1.50$1.561,0301
5261,318$0.33$0.3555.06%$22.00—————
1673$0.23$0.2756.05%$22.50—$2.27$2.3958540
1175$0.17$0.2057.25%$23.00—————
1354$0.11$0.1557.60%$23.50—————
1524$0.08$0.1259.43%$24.00—————
0214$0.04$0.0761.74%$25.00—————
8102$0.02$0.0565.42%$26.00—————
—————$27.00—$5.30$7.8510

Forward $20.45. The 25-delta put carries +1.13 volatility points over the 25-delta call.

2026-10-16(21 days)ATM 48.61%±2.39skew -0.10
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
021$6.25$6.65—$14.00—————
034$5.30$5.65—$15.0063.37%$0.01$0.0312,210252
032$4.40$4.65—$16.0056.95%$0.02$0.056,79322
—————$16.5054.57%$0.03$0.07150
31,839$3.45$3.65—$17.0052.01%$0.06$0.0827,1499
—————$17.5052.27%$0.10$0.1440
35,008$2.61$2.70—$18.0051.25%$0.16$0.208,9441,631
—————$18.5050.03%$0.24$0.28372229
1414,492$1.79$1.88—$19.0049.66%$0.36$0.4012,08637
01$1.45$1.54—$19.5048.97%$0.51$0.552,17913
11031,223$1.17$1.21—$20.0048.10%$0.70$0.7317,849158
49129$0.91$0.9548.48%$20.50—$0.94$0.99418102
17612,665$0.70$0.7649.23%$21.00—$1.22$1.299,4981
44,185$0.53$0.5949.56%$21.50—————
58635,016$0.40$0.4349.36%$22.00—$1.77$2.082,3420
91,317$0.29$0.3349.76%$22.50—————
34722,102$0.21$0.2449.84%$23.00—————
24155$0.15$0.1850.30%$23.50—————
4114,502$0.11$0.1350.74%$24.00—————
2111,724$0.06$0.0852.89%$25.00—$4.25$4.852000
6106$0.03$0.0554.59%$26.00—————

Forward $20.46. The 25-delta put carries -0.10 volatility points over the 25-delta call.

2026-10-30(35 days)ATM 59.74%±3.76skew -2.64
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$2.65$3.45—$18.0054.33%$0.34$0.541,30847
—————$19.0050.87%$0.56$0.801595
01$1.42$2.02—$19.5049.95%$0.68$1.0312725
1027$1.10$1.68—$20.0049.24%$0.92$1.215,6943
10$1.15$1.6358.79%$20.50—————
56834$1.00$1.4560.55%$21.00—$1.21$2.008495
7971,035$0.73$1.1255.82%$21.50—————
928291$0.70$0.8957.00%$22.00—————
2,414131$0.31$0.4156.97%$24.00—————

Forward $20.33. The 25-delta put carries -2.64 volatility points over the 25-delta call.

2026-11-20(56 days)ATM 49.83%±4.01skew +0.57
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
043$10.30$10.70—$10.00—————
08$7.15$7.95—$13.00—————
08$6.25$6.90—$14.00—————
1103$5.55$5.85—$15.00—————
1183$4.45$5.00—$16.0052.55%$0.17$0.2313,00822
3284$3.75$3.95—$17.0051.11%$0.30$0.389,2013
17,561$3.00$3.25—$18.0050.70%$0.54$0.609,68468
15,521$2.33$2.53—$19.0049.60%$0.82$0.922,74116
22711,666$1.80$1.90—$20.0049.02%$1.24$1.329,904214
2,952144,878$1.36$1.4349.84%$21.00—$1.76$1.915,904187
38445,225$1.00$1.0549.83%$22.00—$2.41$2.675,5030
1,6636,134$0.70$0.7849.88%$23.00—————
1,067145,622$0.50$0.5650.13%$24.00—————
1538,378$0.35$0.4351.07%$25.00—————
13717$0.25$0.3452.39%$26.00—————
3311$0.19$0.2352.72%$27.00—————
0296$0.10$0.1454.83%$29.00—————
50912$0.08$0.1156.22%$30.00—————
018$0.04$0.0858.63%$32.00—————
031$0.04$0.0764.09%$34.00—————
0370$0.04$0.0867.96%$35.00—————

Forward $20.56. The 25-delta put carries +0.57 volatility points over the 25-delta call.

2026-12-18(84 days)ATM 45.07%±4.42skew +0.08
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
025$10.30$10.70—$10.00—————
0146$8.35$8.75—$12.00—————
03,413$7.40$7.75—$13.0053.70%$0.04$0.0967,87012
020$6.40$6.75—$14.0050.35%$0.07$0.136380
08,667$5.50$5.85—$15.0048.52%$0.14$0.2030,05317
020$4.60$4.95—$16.0047.49%$0.25$0.3346,7440
817,297$3.85$4.10—$17.0047.03%$0.44$0.5222,462110
0365$3.10$3.35—$18.0046.11%$0.68$0.7845,80031
0882$2.46$2.64—$19.0045.78%$1.02$1.149432
9218,799$1.93$2.04—$20.0045.60%$1.46$1.595,902114
275,252$1.47$1.5645.07%$21.00—$1.98$2.1458130
2931,822$1.12$1.2345.73%$22.00—————
123,125$0.84$0.9445.92%$23.00—————
624,022$0.63$0.7046.03%$24.00—————
1814,775$0.50$0.5447.12%$25.00—————
5,10115,593$0.38$0.4147.63%$26.00—————
0668$0.26$0.3347.90%$27.00—————
01,195$0.20$0.2648.73%$28.00—————
013$0.15$0.2249.84%$29.00—————
1913,670$0.12$0.1951.27%$30.00—————
020$0.10$0.1652.56%$31.00—————

Forward $20.46. The 25-delta put carries +0.08 volatility points over the 25-delta call.

2027-01-15(112 days)ATM 43.35%±4.87skew +0.48
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0320$10.30$10.70—$10.00—————
05,409$8.35$8.75—$12.00—————
05$7.35$7.75—$13.00—————
018$6.45$6.80—$14.00—————
021,106$5.50$5.90—$15.0046.19%$0.22$0.2954,49030
073$4.65$5.00—$16.0045.18%$0.37$0.445,4530
126,556$3.95$4.10—$17.0044.43%$0.59$0.6547,8150
01,629$3.15$3.40—$18.0044.38%$0.90$0.9687441
0859$2.55$2.71—$19.0043.91%$1.26$1.351,4970
14886,382$2.04$2.09—$20.0043.65%$1.73$1.8118,26830
71,098$1.58$1.6643.32%$21.00—$2.30$2.373800
4130,336$1.23$1.2843.10%$22.00—————
20788$0.94$1.0343.53%$23.00—————
0760$0.72$0.8043.68%$24.00—————
1727,748$0.57$0.6043.90%$25.00—————
9437$0.42$0.5044.51%$26.00—————
87,249$0.34$0.3845.00%$27.00—————
059$0.25$0.3345.83%$28.00—————
01$0.20$0.2746.63%$29.00—————
32,588$0.16$0.2046.74%$30.00—$7.80$12.0013
022$0.13$0.2048.66%$31.00—————

Forward $20.30. The 25-delta put carries +0.48 volatility points over the 25-delta call.

2027-02-19(147 days)ATM 41.10%±5.30skew -0.20
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
04$10.30$10.75—$10.00—————
061$9.30$9.75—$11.00—————
03$8.35$8.80—$12.00—————
03$6.45$6.80—$14.0044.85%$0.18$0.241660
06$5.55$5.95—$15.0043.74%$0.29$0.378210
025$4.70$5.05—$16.0042.80%$0.46$0.542790
35341$3.95$4.25—$17.0042.24%$0.70$0.785650
0551$3.25$3.50—$18.0041.75%$1.00$1.10619129
190$2.67$2.84—$19.0041.41%$1.39$1.49810
12,075$2.17$2.28—$20.0041.37%$1.87$1.975772
0307$1.73$1.8441.10%$21.00—$2.44$2.543250
0623$1.38$1.4841.16%$22.00—$3.05$3.254520
0210$1.09$1.1941.28%$23.00—————
060$0.86$0.9641.55%$24.00—————
0117$0.68$0.7841.95%$25.00—————
0115$0.54$0.6342.34%$26.00—————
010$0.43$0.5242.89%$27.00—————
010$0.35$0.4343.54%$28.00—————
064$0.28$0.3644.10%$29.00—————
0104$0.22$0.3144.71%$30.00—————
02$0.19$0.2745.76%$31.00—————

Forward $20.31. The 25-delta put carries -0.20 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.