Options Skew Analytics

PSX option chain

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

Data as of 23 September 2026 (end of day)

2026-09-25(2 days)ATM 58.95%±11.18skew +6.08
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
011$29.70$33.10—$225.00—————
44$27.20$30.60—$227.50—————
041$24.80$28.30—$230.00—————
06$19.80$23.20—$235.00—————
02$17.40$20.90—$237.50—————
0151$15.10$18.30—$240.00—————
8218$10.60$13.20—$245.00—————
—————$247.5057.94%$1.05$1.507965
976$7.90$9.10—$250.0061.40%$1.60$2.651,926524
420$6.20$7.40—$252.5061.73%$2.40$3.60621
6448$4.60$5.80—$255.0060.26%$3.20$4.7019549
56$3.10$4.5057.97%$257.50—$4.30$6.0040731
1973$2.15$3.1055.62%$260.00—$5.50$8.1016230
119$1.45$2.2055.32%$262.50—$7.30$9.806111
17145$0.95$1.5555.54%$265.00—$8.70$11.70694
—————$267.50—$10.80$13.80231
—————$270.00—$13.20$15.90364
—————$272.50—$14.80$18.20200
—————$275.00—$17.50$20.603825
—————$280.00—$21.80$25.40140
—————$285.00—$26.80$30.4020

Forward $256.25. The 25-delta put carries +6.08 volatility points over the 25-delta call.

2026-10-02(9 days)ATM 46.10%±18.59skew +3.99
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$30.20$33.60—$225.00—————
40$27.90$31.30—$227.50—————
01$25.50$28.90—$230.00—————
13$21.80$23.90—$235.00—————
542$18.80$21.90—$237.50—————
05$16.70$19.70—$240.0048.47%$1.65$2.204141
—————$242.5050.66%$2.05$3.4013
011$13.30$15.90—$245.0048.20%$2.75$3.4037121
20$12.30$13.50—$247.5048.71%$3.40$4.4075
656$10.50$11.90—$250.0047.17%$4.20$4.906944
1711$7.80$10.40—$252.5047.22%$5.20$5.90139
826$7.50$9.00—$255.0047.07%$6.10$7.20164120
50$6.70$7.5046.11%$257.50—$7.20$8.30265
837$4.70$6.3043.05%$260.00—$8.50$9.60774
118$4.10$5.3044.14%$262.50—$9.90$11.10182
20180$3.10$4.4043.43%$265.00—$11.60$13.402585
016$2.65$3.6044.11%$267.50—$13.20$14.5011
465$2.10$2.9544.21%$270.00—$15.00$17.101010
012$1.65$2.6045.20%$272.50—$17.20$19.9020
—————$275.00—$18.80$22.0020
—————$280.00—$23.50$25.7030

Forward $256.85. The 25-delta put carries +3.99 volatility points over the 25-delta call.

2026-10-09(16 days)ATM 42.56%±22.85skew +1.42
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
10$89.90$93.20—$165.00—————
—————$235.0045.53%$2.05$2.50620
08$18.40$21.10—$240.0044.93%$3.00$3.606610
024$15.80$17.60—$245.0044.07%$4.40$4.802319
040$12.50$13.90—$250.0043.40%$6.00$6.603920
—————$252.5043.07%$7.00$7.6056
111$9.60$10.80—$255.0042.95%$8.10$8.80282
10$7.60$9.6042.56%$257.50—$9.30$10.0001
016$7.20$8.4043.99%$260.00—$10.70$11.60542
03$5.70$7.4042.81%$262.50—$11.90$13.4004
211$5.70$6.5045.01%$265.00—$13.60$15.101628
—————$267.50—$14.90$17.6020
539$3.80$4.8043.69%$270.00—$16.60$18.3090
—————$272.50—$18.40$20.50021
134$2.65$3.5043.51%$275.00—$20.30$23.20100
1664$1.85$2.5543.72%$280.00—$24.20$27.2020
2243$1.30$1.9044.38%$285.00—$28.60$31.7010

Forward $256.45. The 25-delta put carries +1.42 volatility points over the 25-delta call.

2026-10-16(23 days)ATM 43.28%±27.84skew +0.47
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
1628$36.40$39.80—$220.00—————
1329$27.70$30.80—$230.0045.89%$2.35$2.8533241
—————$235.0045.48%$3.30$3.90311
6246$20.20$23.20—$240.0044.52%$4.40$5.1031386
—————$245.0044.96%$5.90$7.10725
12250$14.20$15.80—$250.0043.35%$7.70$8.5040046
10$11.80$14.40—$252.5043.87%$8.60$10.1003
12$11.30$13.20—$255.0045.40%$9.90$12.0088
50$9.50$11.5043.22%$257.50—————
46630$8.90$10.5044.42%$260.00—$12.30$14.7051010
712$7.50$9.4043.52%$262.50—————
—————$265.00—$14.90$17.50420
01$6.00$7.4043.70%$267.50—$16.60$18.4030
90632$5.70$6.5044.47%$270.00—$18.30$20.9015456
170$4.60$5.7043.43%$272.50—————
314$3.70$5.1042.90%$275.00—$21.80$23.60125
244759$3.20$3.9044.05%$280.00—$25.80$27.70631
—————$282.50—$27.80$30.5007
417234$2.10$3.1043.59%$285.00—————
8355$1.60$2.4044.10%$290.00—$33.90$37.0020
—————$300.00—$42.60$46.2030

Forward $256.30. The 25-delta put carries +0.47 volatility points over the 25-delta call.

2026-10-23(30 days)ATM 43.71%±32.20skew +2.02
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
03$46.10$49.90—$210.00—————
02$32.70$35.90—$225.00—————
01$28.60$32.10—$230.0045.11%$3.00$3.80272
—————$235.0044.92%$4.10$5.0091
01$22.20$24.40—$240.0044.68%$5.50$6.40324
—————$245.0044.16%$7.00$8.1071
03$15.60$17.60—$250.0043.69%$8.80$10.10792
60$12.80$14.90—$255.0044.07%$11.40$12.40193
79$10.40$12.4043.67%$260.00—$14.00$14.9095
011$9.00$10.3044.65%$265.00—$16.80$17.9080
111$6.60$8.4043.24%$270.00—$20.00$21.1030
18$5.20$6.8043.15%$275.00—$22.90$25.0010
021$3.90$5.4042.66%$280.00—————
19$3.10$4.4043.15%$285.00—————
—————$305.00—$47.50$51.2010
—————$320.00—$61.90$65.6001

Forward $256.96. The 25-delta put carries +2.02 volatility points over the 25-delta call.

2026-10-30(37 days)ATM 45.32%±37.02skew +0.48
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$46.90$50.70—$210.00—————
03$38.10$41.40—$220.00—————
02$30.00$33.60—$230.0046.38%$4.10$5.40131
02$26.30$29.40—$235.0045.51%$4.80$7.0031
04$23.80$26.00—$240.0047.43%$6.70$9.40174
01$19.80$22.40—$245.0045.26%$8.20$10.4095
01$17.40$19.50—$250.0045.30%$10.40$12.5091
12$14.70$16.80—$255.0046.20%$12.80$15.5043
99$11.80$14.5045.27%$260.00—$15.40$17.0064
310$10.10$12.3045.54%$265.00—$17.90$20.20140
37$8.30$11.0046.31%$270.00—$21.40$24.0090
121$6.00$9.0044.37%$275.00—$24.50$26.7010
106$5.50$7.7045.89%$280.00—$28.10$30.2010
213$3.50$5.0045.02%$290.00—————
—————$300.00—$43.90$47.3010

Forward $256.61. The 25-delta put carries +0.48 volatility points over the 25-delta call.

2026-11-20(58 days)ATM 46.02%±46.98skew -0.54
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
08$100.70$104.30—$155.00—————
030$95.70$99.20—$160.00—————
06$90.80$94.30—$165.00—————
246$86.00$89.30—$170.00—————
037$81.10$84.30—$175.00—————
0194$76.30$80.00—$180.00—————
0138$71.50$75.30—$185.00—————
0109$66.70$70.50—$190.00—————
057$62.10$65.10—$195.00—————
2268$57.50$60.50—$200.00—————
0454$48.70$51.20—$210.0047.46%$2.80$3.802,3965
38449$41.10$43.20—$220.0046.81%$4.80$5.501,0978
1399$32.80$35.80—$230.0046.26%$7.30$8.1012610
1173$27.20$29.20—$240.0046.06%$10.70$11.601707
6233$20.60$23.20—$250.0046.37%$14.80$16.5024124
35591$15.50$18.2046.02%$260.00—$19.90$21.6020725
25320$13.10$13.8047.23%$270.00—$25.90$27.5031514
10490$9.90$10.6047.13%$280.00—$32.00$34.10570
9294$7.30$8.2047.20%$290.00—$39.60$41.4082
10202$5.30$6.0046.80%$300.00—$47.60$50.40200
3059$3.40$4.6046.26%$310.00—$55.80$58.90211

Forward $256.07. The 25-delta put carries -0.54 volatility points over the 25-delta call.

2026-12-18(86 days)ATM 45.73%±57.00skew +0.78
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0159$86.30$88.80—$170.00—————
0145$81.50$84.10—$175.00—————
0214$76.80$79.30—$180.00—————
030$72.60$74.60—$185.00—————
1259$68.10$70.50—$190.00—————
041$63.20$65.70—$195.0048.71%$2.40$3.90120
10158$58.80$61.60—$200.0046.87%$3.10$3.901896
0140$50.80$53.40—$210.0046.06%$4.80$5.5035615
2913$43.40$45.60—$220.0046.05%$7.20$8.001,0118
01,103$36.40$38.70—$230.0045.85%$10.20$11.103436
0137$30.70$32.40—$240.0046.55%$13.80$15.805453
0264$24.30$26.80—$250.0046.29%$18.20$20.3017914
0229$19.90$22.0045.53%$260.00—$23.50$24.8032216
249424$16.90$17.9046.37%$270.00—$29.40$31.402537
161,225$13.70$14.4046.38%$280.00—$35.80$38.4056
4634$10.80$11.6046.26%$290.00—$42.60$45.3030
0194$7.60$9.2045.07%$300.00—————
038$5.50$7.4044.76%$310.00—————
128$4.40$5.9045.24%$320.00—$67.10$69.7011
114$3.10$4.8045.16%$330.00—————
—————$340.00—$85.00$87.7006

Forward $256.77. The 25-delta put carries +0.78 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.