Options Skew Analytics

PFE option chain

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

Data as of 23 September 2026 (end of day)

2026-10-02(9 days)ATM 22.94%±1.01skew -0.72
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$9.80$11.25—$18.00—————
05$7.80$8.50—$20.00—————
40$7.00$7.35—$21.00—————
40$6.55$7.05—$21.50—————
40$6.05$6.25—$22.00—————
40$5.55$5.70—$22.50—————
41$5.05$5.25—$23.00—————
40$4.50$4.85—$23.50—————
24$3.95$4.45—$24.00—————
44$3.35$3.95—$24.50—————
451$2.87$3.45—$25.00—————
226$2.37$2.73—$25.50—————
271,856$1.95$2.19—$26.00—————
9106$1.53$1.72—$26.5023.70%$0.01$0.0465715
94713$1.19$1.25—$27.0023.79%$0.06$0.091,654470
20824$0.78$0.82—$27.5021.97%$0.13$0.181,112659
9882,530$0.44$0.47—$28.0022.96%$0.29$0.42492452
99815,144$0.22$0.2522.79%$28.50—$0.56$0.7610722
1,1463,138$0.09$0.1222.70%$29.00—$0.93$1.207660
84359$0.03$0.0623.29%$29.50—$1.24$1.684548
3071,499$0.02$0.0325.52%$30.00—$1.72$2.21212

Forward $28.10. The 25-delta put carries -0.72 volatility points over the 25-delta call.

2026-10-09(16 days)ATM 20.77%±1.23skew +0.40
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
03$12.80$13.25—$15.00—————
01$5.85$6.70—$22.00—————
51$3.90$4.50—$24.00—————
1025$2.90$3.35—$25.00—————
67$2.39$2.93—$25.50—————
340$1.95$2.30—$26.0025.98%$0.03$0.0612642
66448$1.61$1.80—$26.5024.16%$0.06$0.091,03510
47902$1.19$1.34—$27.0022.94%$0.13$0.14417139
28472$0.89$0.94—$27.5021.44%$0.22$0.24549101
264882$0.57$0.60—$28.0020.91%$0.39$0.4213221
2,0302,060$0.33$0.3620.66%$28.50—$0.65$0.696722
2041,219$0.18$0.2121.04%$29.00—$1.00$1.24542
21456$0.09$0.1221.53%$29.50—$1.26$2.01222
451,719$0.05$0.0622.14%$30.00—$1.85$2.21373
6908$0.01$0.0324.82%$31.00—————
—————$32.00—$3.70$4.7510

Forward $28.18. The 25-delta put carries +0.40 volatility points over the 25-delta call.

2026-10-16(23 days)ATM 21.66%±1.53skew +1.07
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0109$7.70$8.45—$20.00—————
038$6.80$7.45—$21.00—————
0258$5.70$6.50—$22.00—————
0492$4.85$5.40—$23.00—————
02,480$3.90$4.40—$24.0032.71%$0.01$0.035,73936
24,750$3.10$3.30—$25.0027.48%$0.02$0.0410,91715
12212$2.64$2.78—$25.5026.97%$0.03$0.0830
4537,244$2.18$2.34—$26.0024.70%$0.07$0.0810,343260
1165$1.59$1.98—$26.5023.73%$0.11$0.14629
43413,706$1.38$1.42—$27.0022.84%$0.20$0.2113,083606
1007,233$1.01$1.06—$27.5022.14%$0.32$0.3411445
2,13334,012$0.70$0.73—$28.0021.83%$0.51$0.533,547904
1,2552,520$0.46$0.4821.54%$28.50—$0.76$0.81113209
3,54827,942$0.28$0.3121.52%$29.00—$1.08$1.3069647
185230$0.17$0.1921.77%$29.50—$1.31$1.7111
2,21717,193$0.10$0.1122.00%$30.00—$1.76$2.178920
320$0.05$0.0722.34%$30.50—$2.25$2.66160
214,775$0.03$0.0523.53%$31.00—————
1301,813$0.01$0.0326.11%$32.00—$3.60$4.20115
—————$33.00—$4.80$5.3011
—————$35.00—$6.80$7.2011

Forward $28.20. The 25-delta put carries +1.07 volatility points over the 25-delta call.

2026-10-23(30 days)ATM 21.35%±1.73skew +0.61
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
10$11.15$15.00—$15.00—————
06$7.65$9.35—$20.00—————
015$4.75$6.35—$23.00—————
01$3.90$5.30—$24.00—————
02$3.40$4.80—$24.50—————
01$2.99$3.35—$25.0025.60%$0.02$0.061983
281$2.53$3.05—$25.5025.17%$0.06$0.087331
2040$2.08$2.44—$26.0024.58%$0.10$0.1354010
3100$1.57$2.06—$26.5023.09%$0.15$0.18221177
0434$1.45$1.66—$27.0022.10%$0.24$0.26390361
53899$1.10$1.17—$27.5022.09%$0.39$0.4140592
142383$0.79$0.83—$28.0021.67%$0.58$0.6054100
114376$0.54$0.5721.20%$28.50—$0.83$0.86410
2322,438$0.36$0.3921.33%$29.00—$1.14$1.3732
1691,138$0.23$0.2621.50%$29.50—$1.44$1.7602
771,606$0.14$0.1721.69%$30.00—————
663$0.09$0.1523.41%$30.50—————
1736$0.05$0.1023.60%$31.00—$2.74$4.1020

Forward $28.22. The 25-delta put carries +0.61 volatility points over the 25-delta call.

2026-10-30(37 days)ATM 21.99%±1.98skew +2.13
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
021$4.90$5.45—$23.00—————
021$3.45$3.95—$24.50—————
232$3.00$3.50—$25.0025.74%$0.05$0.08250
23$2.59$2.89—$25.5025.00%$0.07$0.13183
179$2.14$2.44—$26.0024.21%$0.13$0.171115
58678$1.73$2.03—$26.5023.79%$0.21$0.259017
20287$1.55$1.61—$27.0024.17%$0.31$0.42786
21128$1.19$1.26—$27.5023.37%$0.45$0.562431
52194$0.89$0.96—$28.0022.39%$0.65$0.7125772
66274$0.63$0.7021.88%$28.50—————
163986$0.44$0.5021.80%$29.00—$1.21$1.431641
39494$0.31$0.3522.05%$29.50—$1.57$1.8402
40604$0.21$0.2422.23%$30.00—$1.83$2.5620
258232$0.15$0.1622.65%$30.50—————
61107$0.07$0.1322.73%$31.00—————
4361$0.05$0.1124.12%$31.50—————
1112$0.04$0.0624.08%$32.00—————

Forward $28.25. The 25-delta put carries +2.13 volatility points over the 25-delta call.

2026-11-20(58 days)ATM 25.58%±2.86skew +2.47
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
05$9.75$10.45—$18.00—————
0251$7.90$8.45—$20.00—————
322$6.75$7.60—$21.0036.22%$0.01$0.059170
0316$5.90$6.65—$22.0031.93%$0.02$0.052,67611
0592$5.00$5.45—$23.0029.74%$0.05$0.076,15010
11,661$4.05$4.45—$24.0028.96%$0.11$0.144,2638
205,588$3.20$3.45—$25.0026.91%$0.19$0.2324,55684
565,251$2.40$2.58—$26.0026.59%$0.38$0.438,23394
4814,226$1.70$1.79—$27.0026.26%$0.68$0.743,50299
51110,356$1.12$1.16—$28.0025.72%$1.12$1.153,440174
7948,990$0.67$0.6924.54%$29.00—$1.70$1.9239011
3,53611,852$0.37$0.4024.12%$30.00—$2.43$2.691212
1083,519$0.20$0.2324.30%$31.00—$3.15$3.60160
201,384$0.12$0.1425.29%$32.00—$4.05$4.5010
191,701$0.07$0.0825.96%$33.00—$5.00$5.50130
—————$34.00—$5.95$6.45470
3460$0.03$0.0529.40%$35.00—————
0364$0.02$0.0330.11%$36.00—$7.95$8.4502
2021$0.01$0.0533.73%$37.00—————
—————$38.00—$9.80$10.4050
54,439$0.01$0.0235.48%$39.00—————

Forward $28.01. The 25-delta put carries +2.47 volatility points over the 25-delta call.

2026-12-18(86 days)ATM 24.64%±3.35skew +1.34
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0191$9.70$10.55—$18.00—————
03$8.80$9.55—$19.00—————
0543$7.85$8.55—$20.0030.95%$0.01$0.0215,7741
037$6.75$7.60—$21.0029.84%$0.02$0.049480
0244$5.95$6.50—$22.0029.00%$0.05$0.071,7070
56,115$5.00$5.45—$23.0028.26%$0.10$0.1318,48241
1882$4.05$4.55—$24.0026.81%$0.18$0.2010,01147
10212,814$3.20$3.50—$25.0025.91%$0.32$0.3334,044146
1105,099$2.42$2.67—$26.0025.36%$0.54$0.557,824202
23427,747$1.82$1.94—$27.0024.99%$0.86$0.8811,64062
13614,287$1.32$1.37—$28.0024.77%$1.30$1.332,95445
41622,411$0.88$0.9024.06%$29.00—$1.88$1.955490
26033,703$0.56$0.5823.80%$30.00—$2.48$2.815,012127
2645,543$0.35$0.3824.03%$31.00—$3.25$3.65220
3810,707$0.21$0.2524.33%$32.00—$4.10$4.553170
15614,360$0.14$0.1725.17%$33.00—$5.05$5.5010
1306$0.09$0.1426.51%$34.00—$6.00$6.5010
20610,748$0.07$0.0927.33%$35.00—$6.95$7.451,0611
312$0.05$0.0929.26%$36.00—$7.95$8.4506
01,713$0.04$0.0730.45%$37.00—$8.90$9.4010
17$0.03$0.0531.15%$38.00—————

Forward $28.03. The 25-delta put carries +1.34 volatility points over the 25-delta call.

2027-01-15(114 days)ATM 24.52%±3.85skew +0.88
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0418$9.95$10.60—$18.0038.73%$0.02$0.0516,0062
07$8.80$9.65—$19.0033.75%$0.01$0.053140
24,219$7.85$8.40—$20.0032.41%$0.04$0.0659,5414
0218$6.90$7.80—$21.00—————
01,058$6.00$6.45—$22.0029.02%$0.10$0.136,5930
110,363$5.05$5.50—$23.0027.26%$0.16$0.1847,98776
21,393$4.15$4.55—$24.0026.32%$0.26$0.299,62616
1128,096$3.30$3.60—$25.0025.62%$0.42$0.4665,908155
94,518$2.60$2.82—$26.0025.02%$0.65$0.713,73422
12957,855$1.95$2.17—$27.0024.75%$0.99$1.0634,228291
17510,470$1.53$1.58—$28.0024.57%$1.44$1.512,52764
11916,355$1.09$1.1524.40%$29.00—$2.01$2.081,3970
43865,916$0.76$0.7723.95%$30.00—$2.65$2.906,0090
1883,746$0.52$0.5424.14%$31.00—$3.35$3.70190
14823,492$0.36$0.3824.56%$32.00—$4.20$4.606,2941
214,740$0.20$0.2724.33%$33.00—$5.10$5.5530
0320$0.16$0.1925.30%$34.00—$5.95$6.5060
3824,055$0.12$0.1426.14%$35.00—$6.95$7.453,8190
10704$0.08$0.1126.81%$36.00—————
—————$37.00—$8.95$9.45160
—————$38.00—$9.55$10.6010

Forward $28.08. The 25-delta put carries +0.88 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.