Options Skew Analytics
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SAP options analytics

SAP · Stock

Data as of 25 September 2026 (end of day)

SAP options are pricing a 30-day at-the-money volatility of 38.6%, a move of about ±11.1% over the next month. Its history here is 8 sessions, short of the 180 a percentile needs, so this reading is not yet ranked against its own past.

Its 25-delta puts carry 0.87 volatility points more than the calls.

Its next earnings report is 2026-10-21, after the close.

Current readings

30-day ATM implied volatilityⓘ
38.60%

Prices a move of about ±11.1% over 30 days, or ±2.4% on a typical day.

25-delta risk reversalⓘ
+0.87

Puts carry 0.87 volatility points more than calls the same distance from the money.

25-delta butterflyⓘ
+0.31

The wings carry 0.31 volatility points more than at-the-money.

Term structure slopeⓘ
1.027

90-day volatility is 3% above 30-day.

Where 30-day implied volatility sits

Against 6 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
$210.68
30-day implied forward
$211.87
60-day ATM IV
41.25%
90-day ATM IV
39.63%
180-day ATM IV
39.49%
Expirations used
7
Total open interest
48,300
Put / call open interest
1.17

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 8 sessions

35%40%45%50%2026-09-18 — 30-day ATM IV 37%2026-09-21 — 30-day ATM IV 46%2026-09-22 — 30-day ATM IV 46%2026-09-23 — 30-day ATM IV 49%2026-09-24 — 30-day ATM IV 39%2026-09-25 — 30-day ATM IV 39%18 Sep21 Sep23 Sep24 Sep25 Sep
Show the underlying numbers (most recent 8)
Session30-day ATM IV25-delta RRTerm slopeClose
2026-09-2538.60%+0.871.027$210.68
2026-09-2439.22%+1.131.013$209.11
2026-09-2348.57%-1.290.821$210.62
2026-09-2245.81%-0.570.874$210.68
2026-09-2145.53%+1.750.871$209.22
2026-09-1837.22%+1.711.073$209.45
2024-10-01———$225.81
2024-09-30———$229.10

The chart covers every session in the archive, 8 in total. The table lists the most recent 8.

25-delta risk reversal

Last 8 sessions

-2.0-1.00.01.02.02026-09-18 — 25-delta RR (volatility points) 1.72026-09-21 — 25-delta RR (volatility points) 1.72026-09-22 — 25-delta RR (volatility points) -0.62026-09-23 — 25-delta RR (volatility points) -1.32026-09-24 — 25-delta RR (volatility points) 1.12026-09-25 — 25-delta RR (volatility points) 0.918 Sep21 Sep23 Sep24 Sep25 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

21d (2026-10-16) · 56d (2026-11-20) · 84d (2026-12-18)

30%35%40%45%50%2026-10-16 (21d) — 10Δ C — IV 37.60%2026-10-16 (21d) — 15Δ C — IV 36.52%2026-10-16 (21d) — 20Δ C — IV 35.74%2026-10-16 (21d) — 25Δ C — IV 35.40%2026-10-16 (21d) — 30Δ C — IV 35.68%2026-10-16 (21d) — 35Δ C — IV 35.82%2026-10-16 (21d) — 40Δ C — IV 35.64%2026-10-16 (21d) — 45Δ C — IV 35.61%2026-10-16 (21d) — ATM — IV 35.66%2026-10-16 (21d) — 45Δ P — IV 35.50%2026-10-16 (21d) — 40Δ P — IV 35.61%2026-10-16 (21d) — 35Δ P — IV 36.10%2026-10-16 (21d) — 30Δ P — IV 35.95%2026-10-16 (21d) — 25Δ P — IV 36.09%2026-10-16 (21d) — 20Δ P — IV 37.00%2026-10-16 (21d) — 15Δ P — IV 37.40%2026-10-16 (21d) — 10Δ P — IV 38.52%21d2026-11-20 (56d) — 10Δ C — IV 43.21%2026-11-20 (56d) — 15Δ C — IV 42.34%2026-11-20 (56d) — 20Δ C — IV 41.83%2026-11-20 (56d) — 25Δ C — IV 41.55%2026-11-20 (56d) — 30Δ C — IV 41.27%2026-11-20 (56d) — 35Δ C — IV 41.17%2026-11-20 (56d) — 40Δ C — IV 41.30%2026-11-20 (56d) — 45Δ C — IV 41.46%2026-11-20 (56d) — ATM — IV 41.56%2026-11-20 (56d) — 45Δ P — IV 41.67%2026-11-20 (56d) — 40Δ P — IV 41.87%2026-11-20 (56d) — 35Δ P — IV 42.17%2026-11-20 (56d) — 30Δ P — IV 42.33%2026-11-20 (56d) — 25Δ P — IV 42.59%2026-11-20 (56d) — 20Δ P — IV 43.14%2026-11-20 (56d) — 15Δ P — IV 44.03%2026-11-20 (56d) — 10Δ P — IV 45.29%56d2026-12-18 (84d) — 5Δ C — IV 44.18%2026-12-18 (84d) — 10Δ C — IV 41.50%2026-12-18 (84d) — 15Δ C — IV 40.77%2026-12-18 (84d) — 20Δ C — IV 40.27%2026-12-18 (84d) — 25Δ C — IV 39.96%2026-12-18 (84d) — 30Δ C — IV 39.78%2026-12-18 (84d) — 35Δ C — IV 39.67%2026-12-18 (84d) — 40Δ C — IV 39.67%2026-12-18 (84d) — 45Δ C — IV 39.83%2026-12-18 (84d) — ATM — IV 39.97%2026-12-18 (84d) — 45Δ P — IV 40.09%2026-12-18 (84d) — 40Δ P — IV 40.27%2026-12-18 (84d) — 35Δ P — IV 40.55%2026-12-18 (84d) — 30Δ P — IV 40.87%2026-12-18 (84d) — 25Δ P — IV 41.12%2026-12-18 (84d) — 20Δ P — IV 41.70%2026-12-18 (84d) — 15Δ P — IV 42.37%2026-12-18 (84d) — 10Δ P — IV 43.50%2026-12-18 (84d) — 5Δ P — IV 46.13%84d10Δ 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
Delta21d56d84d
5Δ call——44.18%
10Δ call37.60%43.21%41.50%
15Δ call36.52%42.34%40.77%
20Δ call35.74%41.83%40.27%
25Δ call35.40%41.55%39.96%
30Δ call35.68%41.27%39.78%
35Δ call35.82%41.17%39.67%
40Δ call35.64%41.30%39.67%
45Δ call35.61%41.46%39.83%
ATM35.66%41.56%39.97%
45Δ put35.50%41.67%40.09%
40Δ put35.61%41.87%40.27%
35Δ put36.10%42.17%40.55%
30Δ put35.95%42.33%40.87%
25Δ put36.09%42.59%41.12%
20Δ put37.00%43.14%41.70%
15Δ put37.40%44.03%42.37%
10Δ put38.52%45.29%43.50%
5Δ put——46.13%

Wing readings by expiration

ExpirationDaysForwardATM IV25Δ put25Δ callRRButterflyQuotes
2026-10-1621$211.6535.66%36.09%35.40%+0.69+0.0920
2026-11-2056$212.5241.56%42.59%41.55%+1.04+0.5115
2026-12-1884$213.1839.97%41.12%39.96%+1.17+0.5724
2027-01-15112$214.0038.67%39.93%38.54%+1.40+0.5727
2027-03-19175$215.4639.43%40.31%39.31%+1.00+0.3827
2027-06-17265$216.0840.12%41.40%39.48%+1.92+0.3225
2027-09-17357$218.1740.36%41.32%39.55%+1.77+0.0815

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

7 listed expirations produced a usable reading

34%36%38%40%42%44%2026-10-16 — 21 days — at-the-money IV 35.66%2026-11-20 — 56 days — at-the-money IV 41.56%2026-12-18 — 84 days — at-the-money IV 39.97%2027-01-15 — 112 days — at-the-money IV 38.67%2027-03-19 — 175 days — at-the-money IV 39.43%2027-06-17 — 265 days — at-the-money IV 40.12%2027-09-17 — 357 days — at-the-money IV 40.36%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
2026-10-1621 days$211.6535.66%$212.4220
2026-11-2056 days$212.5241.56%$215.3515
2026-12-1884 days$213.1839.97%$217.1424
2027-01-15112 days$214.0038.67%$218.9727
2027-03-19175 days$215.4639.43%$223.6427
2027-06-17265 days$216.0840.12%$229.0825
2027-09-17357 days$218.1740.36%$236.2615

Constant maturities

Interpolated between the bracketing listed expirations, in total variance

30 days
38.60%
60 days
41.25%
90 days
39.63%
180 days
39.49%

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 8 sessions

0.800.901.001.102026-09-18 — 90-day over 30-day 1.072026-09-21 — 90-day over 30-day 0.872026-09-22 — 90-day over 30-day 0.872026-09-23 — 90-day over 30-day 0.822026-09-24 — 90-day over 30-day 1.012026-09-25 — 90-day over 30-day 1.0318 Sep21 Sep23 Sep24 Sep25 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

2026-10-21After the closeAnnounced