Options Skew Analytics

PEP option chain

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

Data as of 24 September 2026 (end of day)

2026-09-25(1 day)ATM 23.82%±1.60skew -4.23
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
52$38.05$40.50—$90.00—————
01$32.90$35.50—$95.00—————
02$10.10$12.40—$118.00—————
02$9.15$11.40—$119.00—————
10217$5.10$6.05—$123.00—————
231$4.15$5.60—$124.00—————
479$3.15$4.70—$125.0026.61%$0.01$0.03212133
511$2.11$2.98—$126.00—————
25$1.34$2.14—$127.0023.09%$0.13$0.20785168
75289$0.71$0.89—$128.0023.10%$0.43$0.50507740
305171$0.33$0.5126.17%$129.00—$0.88$1.12565461
750720$0.15$0.2227.32%$130.00—$1.73$1.92643273
709919$0.05$0.0928.07%$131.00—$2.25$3.05529101
8751,860$0.02$0.0430.06%$132.00—$3.00$3.8585543
—————$133.00—$4.35$4.8590152
—————$134.00—$5.25$6.201,942913
—————$135.00—$5.90$6.8579138
—————$136.00—$6.65$7.85140215
—————$137.00—$7.05$9.1010
—————$140.00—$10.05$12.4520
—————$142.00—$12.45$14.551015

Forward $128.34. The 25-delta put carries -4.23 volatility points over the 25-delta call.

2026-10-02(8 days)ATM 21.48%±4.08skew -0.33
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
380$10.30$12.55—$118.00—————
380$9.30$11.55—$119.00—————
13$8.35$10.60—$120.00—————
01$7.35$9.60—$121.0021.40%$0.02$0.07158
04$6.35$8.05—$122.0021.09%$0.06$0.101020
715$4.40$6.25—$124.0020.87%$0.21$0.2812240
240123$3.80$4.30—$125.0020.88%$0.35$0.46182210
104$2.94$3.25—$126.0020.95%$0.56$0.72255101
516$2.28$2.57—$127.0020.44%$0.86$0.98589241
21113$1.70$1.99—$128.0021.21%$1.29$1.4833950
12156$1.25$1.5221.60%$129.00—$1.81$2.042,02872
175290$0.86$1.0721.23%$130.00—$2.44$2.552,034158
272227$0.61$0.7221.28%$131.00—$3.15$3.4520016
342250$0.38$0.5321.55%$132.00—$3.50$4.1560652
268780$0.25$0.3721.96%$133.00—$4.50$5.0052920
—————$134.00—$5.30$6.0522523
—————$135.00—$6.50$6.8568919
—————$136.00—$7.10$8.001114
—————$137.00—$7.20$9.15921
—————$138.00—$8.15$9.901611
—————$139.00—$9.55$11.0564199

Forward $128.46. The 25-delta put carries -0.33 volatility points over the 25-delta call.

2026-10-09(15 days)ATM 29.17%±7.61skew -0.11
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$121.0030.11%$0.51$0.74190
—————$122.0029.87%$0.69$0.895498
61293$6.45$8.40—$123.0029.51%$0.87$1.0988119
01$5.45$7.30—$124.0028.97%$1.07$1.31199190
24$4.90$5.65—$125.0029.22%$1.42$1.6041635
03$4.25$5.90—$126.0030.02%$1.83$2.0494170
06$3.75$4.05—$127.0029.71%$2.18$2.4310572
1018$3.15$3.55—$128.0029.71%$2.63$2.8862934
578$2.69$3.0529.15%$129.00—$2.90$3.506826
7476$2.27$2.6029.24%$130.00—$3.65$3.9066823
2745$1.95$2.1729.43%$131.00—$4.25$4.7021010
162268$1.61$1.7729.18%$132.00—$4.65$5.5589678
9978$1.32$1.4429.06%$133.00—$5.65$5.9535221
11889$1.07$1.1829.07%$134.00—$5.95$6.7064944
138551$0.78$0.9628.58%$135.00—$7.00$7.5055358
41993$0.62$0.7828.70%$136.00—$7.65$8.353544
24764$0.56$0.6929.89%$137.00—$7.85$9.209513
—————$138.00—$8.40$10.45371
888$0.36$0.5230.93%$139.00—$9.30$11.059714
6879$0.29$0.4331.24%$140.00—$10.65$12.85590
—————$141.00—$11.20$13.95150

Forward $128.67. The 25-delta put carries -0.11 volatility points over the 25-delta call.

2026-10-16(22 days)ATM 26.40%±8.34skew -0.43
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
21$10.85$12.40—$118.00—————
113$9.05$9.65—$120.0026.93%$0.53$0.699597
01$8.15$10.55—$121.0026.90%$0.64$0.913323
01$7.50$9.70—$122.0025.57%$0.71$1.017473
02$6.65$8.75—$123.0026.30%$1.05$1.2614293
018$6.05$7.05—$124.0026.05%$1.27$1.5310111
6139$5.35$6.00—$125.0026.43%$1.67$1.842,309150
05$4.55$5.80—$126.0026.51%$2.05$2.2032937
313$4.15$4.30—$127.0026.82%$2.47$2.675125
124$3.60$4.50—$128.0026.74%$2.93$3.104314
1140$3.10$3.2526.40%$129.00—$3.30$3.6520255
5081,191$2.70$2.8626.82%$130.00—$4.00$4.253,219421
48172$2.22$2.7627.74%$131.00—$4.25$4.855425
392$1.90$2.3627.76%$132.00—$5.15$5.452064
7106$1.60$2.0327.82%$133.00—$5.55$6.1540
331$1.32$1.5126.73%$134.00—$6.60$7.05263
2822,171$1.14$1.2126.73%$135.00—$7.40$7.703,38125
20132$0.87$1.0326.53%$136.00—$6.75$8.6550
15701$0.74$0.8626.83%$137.00—$7.70$9.3540
428$0.60$0.7527.16%$138.00—$8.40$10.3510
1818$0.51$0.7128.08%$139.00—————

Forward $128.70. The 25-delta put carries -0.43 volatility points over the 25-delta call.

2026-10-23(29 days)ATM 25.10%±9.12skew +0.12
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0—$10.15$12.50—$119.00—————
03$9.40$11.65—$120.0025.72%$0.67$0.88370
0—$8.35$10.85—$121.0024.59%$0.67$1.04—0
—————$122.0025.19%$1.01$1.2444108
—————$123.0025.07%$1.18$1.54743
—————$124.0025.27%$1.56$1.78464
04$5.65$6.80—$125.0025.29%$1.95$2.0523378
—————$126.0025.34%$2.17$2.58467
01$4.30$4.75—$127.0026.23%$2.72$3.10975
621$3.90$4.25—$128.0025.24%$3.05$3.4015922
76$3.40$3.7025.08%$129.00—$3.50$3.90986
638$2.99$3.2525.27%$130.00—$4.10$4.4514113
1346$2.51$2.7724.80%$131.00—$4.45$5.052160
3151$2.15$2.3924.81%$132.00—$5.35$5.80240
57$1.88$2.1225.27%$133.00—$5.75$6.501262
1330$1.61$1.7525.08%$134.00—$6.80$7.101411
21433$1.34$1.4724.95%$135.00—$7.20$7.907126
116$1.10$1.2424.86%$136.00—$6.90$9.05140
847$0.91$1.0424.86%$137.00—$7.75$9.5540
9240$0.79$0.8925.21%$138.00—$8.55$10.35130
069$0.66$0.8625.98%$139.00—$9.40$11.35100

Forward $128.85. The 25-delta put carries +0.12 volatility points over the 25-delta call.

2026-10-30(36 days)ATM 24.64%±10.00skew -0.05
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0—$10.45$12.85—$119.00—————
—————$120.0024.98%$0.69$1.117312
0—$8.70$11.20—$121.00—————
—————$122.0025.61%$1.21$1.593115
01$7.20$9.20—$123.0024.76%$1.33$1.783417
—————$124.0025.58%$1.76$2.16674
211$5.85$7.10—$125.0025.41%$2.08$2.468116
—————$126.0025.51%$2.43$2.88141
—————$127.0025.71%$2.89$3.30736
2880$4.35$4.90—$128.0026.06%$3.35$3.857738
319$3.80$4.75—$129.0025.83%$3.75$4.35173
2125$3.25$3.8024.11%$130.00—$4.30$4.7512834
498$2.84$3.4024.28%$131.00—$4.80$5.302641
110$2.44$3.1524.71%$132.00—$5.55$6.25268
3530$2.17$2.6924.66%$133.00—$6.00$6.601717
19$1.88$2.4425.01%$134.00—$6.95$7.35280
1426$1.59$2.1024.84%$135.00—$7.70$8.10351
280$1.36$1.8925.13%$136.00—$7.55$9.0030
10640$1.11$1.6024.81%$137.00—$7.85$9.7018413
714$0.95$1.4425.16%$138.00—$8.85$10.5060
213$0.79$1.2925.38%$139.00—————

Forward $129.23. The 25-delta put carries -0.05 volatility points over the 25-delta call.

2026-11-20(57 days)ATM 24.34%±12.43skew +0.33
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$37.95$41.20—$90.00—————
02$28.20$31.30—$100.00—————
024$19.35$21.00—$110.00—————
04$14.65$16.05—$115.0025.25%$0.59$0.8581829
212$10.45$11.85—$120.0024.56%$1.47$1.6086855
1978$7.10$7.60—$125.0024.18%$2.94$3.051,584125
129634$4.50$4.6524.34%$130.00—$5.20$5.451,819190
8431,551$2.56$2.7124.08%$135.00—$8.05$8.602,852179
1461,726$1.39$1.5024.23%$140.00—$12.30$12.551,46514
1202,365$0.71$0.8324.63%$145.00—$15.40$17.006260
2051,406$0.39$0.4425.30%$150.00—$19.55$22.30800
311,606$0.22$0.2926.67%$155.00—$24.85$27.7540

Forward $129.25. The 25-delta put carries +0.33 volatility points over the 25-delta call.

2026-12-18(85 days)ATM 24.39%±15.13skew +0.97
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$52.70$56.20—$75.00—————
04$48.00$51.25—$80.00—————
32$38.55$41.35—$90.00—————
119$29.10$31.55—$100.00—————
027$19.55$21.65—$110.00—————
017$15.10$16.70—$115.0024.90%$1.31$1.4546326
0120$11.25$12.35—$120.0024.53%$2.42$2.631,14926
6434$7.85$9.55—$125.0024.09%$4.15$4.301,45654
68715$5.20$5.4524.40%$130.00—$6.60$6.901,88434
375970$3.25$3.4523.93%$135.00—$9.55$10.101,87114
86021,092$1.96$2.0023.56%$140.00—$12.80$13.758908
5102,026$1.13$1.2623.90%$145.00—$16.55$18.001,113260
1283,596$0.65$0.7824.35%$150.00—$21.00$22.501,0322
93,921$0.37$0.4924.88%$155.00—$25.35$27.257033
13983$0.25$0.3926.45%$160.00—$30.15$32.054230
0922$0.15$0.2426.90%$165.00—$35.05$36.902610
—————$170.00—$39.50$43.40350

Forward $128.56. The 25-delta put carries +0.97 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.