Options Skew Analytics

PFE option chain

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

Data as of 6 November 2026 (end of day)

2026-11-13(7 days)ATM 26.55%±1.08skew +0.69
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
03$4.95$5.50—$24.00—————
01$3.95$5.45—$24.50—————
09$3.50$5.15—$25.00—————
11$2.53$3.75—$26.00—————
93$2.05$3.05—$26.50—————
299$2.17$2.47—$27.0032.91%$0.01$0.0327281
2723$1.74$1.99—$27.5029.99%$0.03$0.042,179158
8316$1.32$1.41—$28.0029.06%$0.07$0.09797374
38613$0.89$0.96—$28.5027.55%$0.15$0.172,337553
687470$0.54$0.61—$29.0026.25%$0.28$0.333,855861
2,5472,178$0.31$0.3426.79%$29.50—$0.53$0.603,627443
2,3342,014$0.16$0.1726.86%$30.00—$0.87$0.935,8814,256
8591,376$0.07$0.0927.55%$30.50—$1.25$1.401,06176
9793,718$0.04$0.0529.71%$31.00—$1.57$1.90854
7576,384$0.02$0.0331.57%$31.50—$2.04$2.3616025
2,9911,924$0.01$0.0233.68%$32.00—$2.55$2.92564
—————$32.50—$2.98$3.5510
21,116$0.01$0.0243.06%$33.00—$3.50$4.90350
—————$33.50—$3.95$5.5520
—————$34.50—$5.00$6.55—0
—————$35.00—$5.50$7.0510

Forward $29.26. The 25-delta put carries +0.69 volatility points over the 25-delta call.

2026-11-20(14 days)ATM 26.71%±1.53skew +0.99
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
086$5.80$6.50—$23.00—————
316$5.10$5.55—$24.00—————
441$4.10$4.55—$25.0039.40%$0.01$0.0243,15380
1424$3.25$3.50—$26.0034.85%$0.02$0.0419,049728
20$2.30$3.10—$26.5033.61%$0.04$0.06990
715268$2.21$2.64—$27.0031.07%$0.06$0.086,9241,548
2019$1.77$2.11—$27.5029.36%$0.10$0.12194602
8147,030$1.45$1.52—$28.0028.15%$0.17$0.1914,6443,149
127332$1.06$1.14—$28.5027.36%$0.28$0.31895480
1,18013,538$0.74$0.79—$29.0026.92%$0.44$0.502,590761
5252,072$0.48$0.5626.61%$29.50—$0.68$0.744,093397
51923,055$0.30$0.3426.07%$30.00—$0.98$1.075,8251,229
1,3553,573$0.18$0.2126.37%$30.50—$1.34$1.4640210
2,53711,467$0.11$0.1226.77%$31.00—$1.69$1.8933118
2031,792$0.06$0.0827.65%$31.50—$2.09$2.75260
2,58718,573$0.03$0.0427.41%$32.00—$2.57$3.054740
53300$0.03$0.0431.17%$32.50—$3.00$4.45320
1264,742$0.02$0.0332.73%$33.00—$3.55$5.00650
131,264$0.01$0.0236.31%$34.00—$4.55$5.85540
—————$35.00—$5.55$7.10100
—————$36.00—$6.50$8.05150

Forward $29.31. The 25-delta put carries +0.99 volatility points over the 25-delta call.

2026-11-27(21 days)ATM 25.24%±1.77skew +0.70
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$3.60$4.80—$25.00—————
10$2.35$3.65—$26.0029.38%$0.01$0.06822
32$2.23$2.72—$27.0027.20%$0.07$0.1138521
06$1.51$1.62—$28.0025.60%$0.21$0.25418478
170602$0.83$0.92—$29.0025.27%$0.53$0.581,057267
1861,668$0.40$0.4525.19%$30.00—$1.04$1.1849513
471775$0.15$0.1924.91%$31.00—$1.82$1.9645378
2904,048$0.07$0.0826.49%$32.00—$2.56$3.05221
74453$0.03$0.0428.33%$33.00—$3.50$5.75280
—————$34.00—$4.45$5.6060

Forward $29.32. The 25-delta put carries +0.70 volatility points over the 25-delta call.

2026-12-04(28 days)ATM 26.13%±2.12skew +0.30
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$25.0032.18%$0.01$0.0640
—————$26.0029.53%$0.05$0.09635
42$2.25$2.74—$27.0027.48%$0.12$0.18137106
435$1.60$1.74—$28.0026.11%$0.30$0.3522149
38189$0.97$1.06—$29.0026.14%$0.64$0.736231,035
149456$0.52$0.6026.09%$30.00—$1.18$1.272354
330568$0.24$0.3025.80%$31.00—$1.77$2.05480
48829$0.10$0.1325.63%$32.00—————
35286$0.04$0.0626.27%$33.00—$3.50$5.05300
—————$35.00—$5.45$7.70400

Forward $29.33. The 25-delta put carries +0.30 volatility points over the 25-delta call.

2026-12-11(35 days)ATM 25.15%±2.29skew +1.28
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$24.0033.31%$0.01$0.0408
04$3.40$5.35—$25.0031.22%$0.03$0.0705
63$2.50$2.80—$27.0028.33%$0.18$0.25527
21,805$1.69$1.85—$28.0026.47%$0.36$0.43255194
47172$1.06$1.21—$29.0025.48%$0.66$0.79974
5767$0.60$0.7024.99%$30.00—$1.19$1.3337919
50539$0.31$0.3925.19%$31.00—$1.92$2.0860
123330$0.14$0.2025.21%$32.00—————
—————$33.00—$3.50$5.0020
6201$0.01$0.0533.04%$36.00—————

Forward $29.41. The 25-delta put carries +1.28 volatility points over the 25-delta call.

2026-12-18(42 days)ATM 25.41%±2.53skew +1.30
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
195$11.10$11.80—$18.00—————
6186$8.65$9.50—$20.00—————
225$8.15$8.75—$21.0043.81%$0.01$0.029600
022$6.55$8.60—$22.00—————
3591,752$6.20$6.65—$23.0035.73%$0.01$0.0418,376200
145$5.25$5.65—$24.0032.84%$0.03$0.059,82826
9793,099$4.35$4.70—$25.0032.20%$0.07$0.1138,3282,400
12532$3.45$3.60—$26.0029.13%$0.13$0.159,9421,623
11319,330$2.54$2.76—$27.0027.19%$0.24$0.2618,9126,979
17314,427$1.82$2.01—$28.0026.30%$0.46$0.4832,817530
44723,724$1.19$1.24—$29.0025.64%$0.81$0.845,483252
78538,439$0.72$0.7525.23%$30.00—$1.30$1.389,1921,069
1,06412,630$0.40$0.4224.99%$31.00—$1.91$2.09317107
65021,320$0.21$0.2325.22%$32.00—$2.78$2.88491127
1,46217,971$0.11$0.1325.94%$33.00—$3.65$3.8536795
152,442$0.07$0.0927.92%$34.00—$4.55$5.70510
2011,341$0.04$0.0528.70%$35.00—$5.35$6.051,1411
204444$0.01$0.0530.25%$36.00—$6.40$8.0540
11,896$0.02$0.0534.41%$37.00—$7.30$9.2560
—————$39.00—$9.40$10.75100
—————$40.00—$10.45$11.95470

Forward $29.39. The 25-delta put carries +1.30 volatility points over the 25-delta call.

2026-12-24(48 days)ATM 25.86%±2.76skew +2.65
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0—$8.30$11.35—$20.00—————
—————$27.0028.15%$0.26$0.36022
04$1.87$2.09—$28.0027.05%$0.49$0.581215
1142$1.23$1.47—$29.0026.13%$0.81$0.9502
604$0.78$0.9325.66%$30.00—$1.34$1.5302
6721$0.43$0.5124.40%$31.00—$2.03$2.23071
913$0.23$0.3124.86%$32.00—————
15148$0.15$0.2226.92%$33.00—————
775$0.07$0.1026.08%$34.00—————
60$0.03$0.0727.01%$35.00—————
81$0.02$0.0830.50%$36.00—————
160$0.01$0.0531.10%$37.00—————

Forward $29.47. The 25-delta put carries +2.65 volatility points over the 25-delta call.

2027-01-15(70 days)ATM 24.59%±3.18skew +1.54
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
142,996$9.30$9.75—$20.0040.15%$0.01$0.0358,36628
658$7.70$8.80—$21.00—————
026$6.75$7.80—$22.0034.84%$0.02$0.066,4770
1942,384$6.40$6.60—$23.0032.04%$0.04$0.0746,087268
112371$5.40$5.80—$24.0030.29%$0.07$0.119,82855
4318,831$4.55$4.90—$25.0028.79%$0.14$0.1663,512462
404,437$3.65$4.00—$26.0026.57%$0.20$0.256,24324
25753,532$2.83$2.97—$27.0026.07%$0.39$0.4134,3301,616
8111,013$2.12$2.30—$28.0025.26%$0.64$0.666,93544
1,18016,999$1.50$1.56—$29.0024.95%$1.02$1.043,24790
2,16665,687$1.01$1.0524.46%$30.00—$1.52$1.5614,054191
5149,475$0.65$0.6824.27%$31.00—$2.04$2.384197
67932,630$0.40$0.4524.54%$32.00—$2.84$3.056,34027
3029,537$0.26$0.3125.46%$33.00—$3.65$4.50220
1221,779$0.16$0.2226.30%$34.00—$4.55$5.50360
29524,968$0.10$0.1326.48%$35.00—$5.50$6.403,7225
8957$0.07$0.0927.51%$36.00—$6.50$7.5010
738,380$0.04$0.0728.38%$37.00—$7.45$8.70160
31,017$0.03$0.0630.00%$38.00—$8.40$9.5510
4031,100$0.02$0.0430.51%$39.00—————
213,387$0.01$0.0431.96%$40.00—$10.40$11.501460

Forward $29.50. The 25-delta put carries +1.54 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.