Options Skew Analytics
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Q options analytics

Q · Stock

Data as of 23 September 2026 (end of day)

Q options are pricing a 30-day at-the-money volatility of 53.5%, a move of about ±15.3% over the next month. Its history here is 21 sessions, short of the 180 a percentile needs, so this reading is not yet ranked against its own past.

Its 25-delta puts carry 2.32 volatility points more than the calls.

Its next earnings report is 2026-11-17 (estimated from its reporting cadence).

Current readings

30-day ATM implied volatilityⓘ
53.50%

Prices a move of about ±15.3% over 30 days, or ±3.4% on a typical day.

25-delta risk reversalⓘ
+2.32

Puts carry 2.32 volatility points more than calls the same distance from the money.

25-delta butterflyⓘ
+0.17

The wings carry 0.17 volatility points more than at-the-money.

Term structure slopeⓘ
1.036

90-day volatility is 4% above 30-day.

Where 30-day implied volatility sits

Against 10 prior sessions (one-year window)

Not enough history in this window to place the current reading.

IV percentile, 1 year
—
IV rank, 1 year
—
IV percentile, 2 years
—
IV rank, 2 years
—

Rank is the position between the lowest and highest readings in the window, so a single past extreme pins everything after it near one end. Percentile is the share of sessions below the current reading and is unaffected by how far that extreme reached. Both are withheld when the window holds fewer than 180 sessions.

Session detail

Underlying close
$124.50
30-day implied forward
$124.97
60-day ATM IV
56.09%
90-day ATM IV
55.44%
180-day ATM IV
54.87%
Expirations used
5
Total open interest
28,792
Put / call open interest
0.85

The forward is derived from put-call parity on the strikes nearest the money, not taken from the underlying close. It is what every moneyness and delta on this page is measured against.

30-day at-the-money implied volatility

Last 21 sessions

48%50%52%54%56%2026-08-25 — 30-day ATM IV 53%2026-08-26 — 30-day ATM IV 50%2026-08-27 — 30-day ATM IV 53%2026-08-28 — 30-day ATM IV 50%2026-09-16 — 30-day ATM IV 54%2026-09-17 — 30-day ATM IV 52%2026-09-18 — 30-day ATM IV 51%2026-09-21 — 30-day ATM IV 52%2026-09-22 — 30-day ATM IV 53%2026-09-23 — 30-day ATM IV 54%25 Aug27 Aug17 Sep21 Sep23 Sep
Show the underlying numbers (most recent 21)
Session30-day ATM IV25-delta RRTerm slopeClose
2026-09-2353.50%+2.321.036$124.50
2026-09-2253.22%+0.921.089$124.86
2026-09-2151.63%+3.821.125$121.82
2026-09-1850.84%+4.901.115$120.05
2026-09-1751.85%+1.841.065$117.13
2026-09-1653.98%+1.041.023$114.86
2026-09-15———$114.59
2026-09-14———$117.23
2026-09-11———$126.40
2026-09-10———$123.32
2026-09-09———$125.47
2026-09-08———$123.28
2026-09-04———$120.47
2026-09-03———$118.47
2026-09-02———$117.69
2026-09-01———$115.49
2026-08-31———$119.43
2026-08-2850.10%+1.511.121$120.26
2026-08-2752.51%+2.211.085$126.35
2026-08-2650.17%-0.641.130$126.20
2026-08-2553.15%+2.821.063$126.62

The chart covers every session in the archive, 21 in total. The table lists the most recent 21.

25-delta risk reversal

Last 21 sessions

-2.00.02.04.06.02026-08-25 — 25-delta RR (volatility points) 2.82026-08-26 — 25-delta RR (volatility points) -0.62026-08-27 — 25-delta RR (volatility points) 2.22026-08-28 — 25-delta RR (volatility points) 1.52026-09-16 — 25-delta RR (volatility points) 1.02026-09-17 — 25-delta RR (volatility points) 1.82026-09-18 — 25-delta RR (volatility points) 4.92026-09-21 — 25-delta RR (volatility points) 3.82026-09-22 — 25-delta RR (volatility points) 0.92026-09-23 — 25-delta RR (volatility points) 2.325 Aug27 Aug17 Sep21 Sep23 Sep

The dashed line marks zero, where the 25-delta put and call carry the same implied volatility.

Skew curve

Implied volatility by delta, front expirations

Implied volatility by delta

23d (2026-10-16) · 58d (2026-11-20) · 86d (2026-12-18)

45%50%55%60%65%2026-10-16 (23d) — 15Δ C — IV 50.16%2026-10-16 (23d) — 20Δ C — IV 50.88%2026-10-16 (23d) — 25Δ C — IV 50.57%2026-10-16 (23d) — 30Δ C — IV 50.33%2026-10-16 (23d) — 35Δ C — IV 50.28%2026-10-16 (23d) — 40Δ C — IV 50.26%2026-10-16 (23d) — 45Δ C — IV 50.88%2026-10-16 (23d) — ATM — IV 51.77%2026-10-16 (23d) — 45Δ P — IV 51.79%2026-10-16 (23d) — 40Δ P — IV 51.23%2026-10-16 (23d) — 35Δ P — IV 50.92%2026-10-16 (23d) — 30Δ P — IV 51.45%2026-10-16 (23d) — 25Δ P — IV 52.18%2026-10-16 (23d) — 20Δ P — IV 52.32%2026-10-16 (23d) — 15Δ P — IV 52.44%2026-10-16 (23d) — 10Δ P — IV 52.97%23d2026-11-20 (58d) — 15Δ C — IV 55.21%2026-11-20 (58d) — 20Δ C — IV 55.30%2026-11-20 (58d) — 25Δ C — IV 55.46%2026-11-20 (58d) — 30Δ C — IV 56.10%2026-11-20 (58d) — 35Δ C — IV 56.89%2026-11-20 (58d) — 40Δ C — IV 57.39%2026-11-20 (58d) — 45Δ C — IV 56.66%2026-11-20 (58d) — ATM — IV 56.15%2026-11-20 (58d) — 45Δ P — IV 57.10%2026-11-20 (58d) — 40Δ P — IV 57.11%2026-11-20 (58d) — 35Δ P — IV 56.88%2026-11-20 (58d) — 30Δ P — IV 56.59%2026-11-20 (58d) — 25Δ P — IV 58.81%2026-11-20 (58d) — 20Δ P — IV 58.88%2026-11-20 (58d) — 15Δ P — IV 59.16%2026-11-20 (58d) — 10Δ P — IV 59.54%58d2026-12-18 (86d) — 15Δ C — IV 53.87%2026-12-18 (86d) — 20Δ C — IV 54.12%2026-12-18 (86d) — 25Δ C — IV 54.83%2026-12-18 (86d) — 30Δ C — IV 54.58%2026-12-18 (86d) — 35Δ C — IV 54.67%2026-12-18 (86d) — 40Δ C — IV 55.52%2026-12-18 (86d) — 45Δ C — IV 55.76%2026-12-18 (86d) — ATM — IV 55.62%2026-12-18 (86d) — 45Δ P — IV 56.23%2026-12-18 (86d) — 40Δ P — IV 57.34%2026-12-18 (86d) — 35Δ P — IV 57.15%2026-12-18 (86d) — 30Δ P — IV 56.90%2026-12-18 (86d) — 25Δ P — IV 58.13%2026-12-18 (86d) — 20Δ P — IV 58.97%2026-12-18 (86d) — 15Δ P — IV 58.28%2026-12-18 (86d) — 10Δ P — IV 60.04%86d10Δ C25Δ CATM25Δ P10Δ Pout-of-the-money calls ← delta → out-of-the-money puts

The axis is call delta. Readings to the right of the dashed centre line are taken from the out-of-the-money put at that strike, which is the contract whose quote the volatility was solved from. Points are only plotted where surviving quotes bracket the delta on both sides; nothing is extrapolated past the last traded strike.

Show the underlying numbers
Delta23d58d86d
15Δ call50.16%55.21%53.87%
20Δ call50.88%55.30%54.12%
25Δ call50.57%55.46%54.83%
30Δ call50.33%56.10%54.58%
35Δ call50.28%56.89%54.67%
40Δ call50.26%57.39%55.52%
45Δ call50.88%56.66%55.76%
ATM51.77%56.15%55.62%
45Δ put51.79%57.10%56.23%
40Δ put51.23%57.11%57.34%
35Δ put50.92%56.88%57.15%
30Δ put51.45%56.59%56.90%
25Δ put52.18%58.81%58.13%
20Δ put52.32%58.88%58.97%
15Δ put52.44%59.16%58.28%
10Δ put52.97%59.54%60.04%

Wing readings by expiration

ExpirationDaysForwardATM IV25Δ put25Δ callRRButterflyQuotes
2026-10-1623$124.8551.77%52.18%50.57%+1.61-0.409
2026-11-2058$125.4556.15%58.81%55.46%+3.35+0.9914
2026-12-1886$125.6655.62%58.13%54.83%+3.30+0.8518
2027-02-19149$126.7853.85%54.52%52.07%+2.45-0.5524
2027-05-21240$128.3556.07%58.98%54.07%+4.91+0.4529

Each curve above is one expiration. The vertical position is implied volatility; the horizontal position is the delta of the contract it was read from. For US equities the curve normally slopes upward to the right, meaning out-of-the-money puts carry higher implied volatility than equidistant calls.

The 25-delta risk reversal summarises that slope as a single number: the 25-delta put volatility minus the 25-delta call volatility. The butterfly summarises the curvature: the average of the two wings minus the at-the-money reading.

Term structure

At-the-money implied volatility by expiration

At-the-money implied volatility by expiration

5 listed expirations produced a usable reading

50%52%54%56%58%2026-10-16 — 23 days — at-the-money IV 51.77%2026-11-20 — 58 days — at-the-money IV 56.15%2026-12-18 — 86 days — at-the-money IV 55.62%2027-02-19 — 149 days — at-the-money IV 53.85%2027-05-21 — 240 days — at-the-money IV 56.07%306090180days to expiration

The horizontal axis is the square root of days to expiration, which is the scale volatility lives on. A curve that is flat in variance terms plots as a straight line here rather than bending sharply through the front week.

Show the underlying numbers
ExpirationDaysForwardATM IVATM strikeQuotes used
2026-10-1623 days$124.8551.77%$125.919
2026-11-2058 days$125.4556.15%$128.6314
2026-12-1886 days$125.6655.62%$130.3218
2027-02-19149 days$126.7853.85%$134.5124
2027-05-21240 days$128.3556.07%$142.3329

Constant maturities

Interpolated between the bracketing listed expirations, in total variance

30 days
53.50%
60 days
56.09%
90 days
55.44%
180 days
54.87%

Interpolation is linear in total variance, not in volatility. Interpolating volatility directly implies a forward variance that can be negative between two expirations. A tenor beyond the longest listed expiration is reported as unavailable rather than extrapolated.

Term structure slope

Last 21 sessions

0.951.001.051.101.152026-08-25 — 90-day over 30-day 1.062026-08-26 — 90-day over 30-day 1.132026-08-27 — 90-day over 30-day 1.092026-08-28 — 90-day over 30-day 1.122026-09-16 — 90-day over 30-day 1.022026-09-17 — 90-day over 30-day 1.072026-09-18 — 90-day over 30-day 1.112026-09-21 — 90-day over 30-day 1.122026-09-22 — 90-day over 30-day 1.092026-09-23 — 90-day over 30-day 1.0425 Aug27 Aug17 Sep21 Sep23 Sep

The dashed line marks 1.00, where the 90-day and 30-day at-the-money volatilities are equal. Above it the longer tenor carries the higher volatility.

The term structure is the at-the-money implied volatility of each listed expiration, plotted against how far away that expiration is. Its usual shape for a calm underlying slopes gently upward, because a longer horizon admits more uncertainty.

It inverts when the market prices a dated event: an expiration that captures a scheduled announcement carries the variance of that event on top of ordinary trading, so a shorter contract can print a higher volatility than a longer one.

Earnings

What the options priced in before each report, and what happened

Next report

2026-11-17Time not statedEstimated from its reporting cadence

Reports

Newest first. The implied move is one standard deviation, priced from the session before the release.

ReportSessionImplied ±RealisedRealised / implied
2026-08-04Before the open———
2026-05-12Before the open———
2026-02-26Before the open———
2026-01-16Before the open———
2025-11-06After the close———

The implied move is read from the at-the-money straddle on the first expiration strictly after the report date, converted to a one-standard-deviation move and divided by the forward. Realised moves are the close-to-close return across the event, measured from the session before the release to the session after it.

Report dates that have already happened come from the company’s own 8-K filing and are exact. A date still in the future is either one the company has announced, or an estimate from its reporting cadence.