Options Skew Analytics

SMH option chain

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

Data as of 23 September 2026 (end of day)

2026-09-24(1 day)ATM 32.19%±10.12skew +3.32
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0141$24.05$27.50—$575.0044.36%$0.14$0.1931305
36$21.55$24.65—$577.5042.47%$0.19$0.2314146
08$19.10$22.60—$580.0040.41%$0.24$0.29129552
017$16.90$20.10—$582.5039.01%$0.33$0.40224279
312$14.30$17.60—$585.0037.43%$0.47$0.5226373
29$12.00$14.90—$587.5036.08%$0.65$0.7333255
06$9.75$12.60—$590.0035.03%$0.94$1.0313609
1219$8.30$10.65—$592.5034.32%$1.35$1.5053370
14250$6.85$8.50—$595.0033.46%$1.93$2.08152300
14227$5.30$5.80—$597.5033.01%$2.71$2.9319645
22497$3.90$4.70—$600.0032.48%$3.70$4.00116197
194212$2.78$3.1030.89%$602.50—$4.80$5.402032
42949$1.93$2.1430.95%$605.00—$5.75$7.10491
1,200152$1.28$1.4331.00%$607.50—————
2,4192,808$0.81$0.9231.04%$610.00—$9.30$12.00210
23234$0.53$0.6031.66%$612.50—————
7717,088$0.34$0.3832.23%$615.00—————
113—$0.22$0.2733.36%$617.50—$15.45$18.90—0
547125$0.14$0.1834.20%$620.00—$18.10$21.3013
20—$0.11$0.1235.61%$622.50—$20.35$23.75—0
1001,320$0.07$0.1037.10%$625.00—————

Forward $600.45. The 25-delta put carries +3.32 volatility points over the 25-delta call.

2026-09-25(2 days)ATM 31.90%±14.18skew +3.33
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
412,498$24.45$27.55—$575.0038.72%$0.45$0.4950681
0568$22.30$25.60—$577.5037.80%$0.58$0.621,205153
261,402$20.45$23.20—$580.0036.88%$0.74$0.79410975
0360$17.40$21.00—$582.5035.96%$0.94$1.01309267
522,697$15.90$18.05—$585.0035.31%$1.23$1.31310636
14517$13.25$15.80—$587.5034.64%$1.60$1.683911,043
171,677$11.65$13.90—$590.0033.99%$2.04$2.17423670
3427$9.40$11.75—$592.5033.45%$2.58$2.82230872
1331,564$8.35$9.75—$595.0033.22%$3.40$3.557171,246
3871,844$6.95$7.95—$597.5032.67%$4.20$4.50214391
1,1122,546$5.65$6.40—$600.0032.20%$5.25$5.551,9501,071
902447$4.50$4.8031.17%$602.50—$6.05$6.9081247
2,0631,115$3.50$3.6530.83%$605.00—$7.35$8.4042121
254874$2.59$2.8330.69%$607.50—$8.90$10.35155
1,4181,933$1.96$2.0830.65%$610.00—$10.10$12.50233
379769$1.39$1.5730.67%$612.50—$12.30$14.6511
1,062780$1.03$1.1530.95%$615.00—$13.95$16.9511
138791$0.73$0.8431.15%$617.50—————
1,3141,793$0.54$0.6231.68%$620.00—$18.50$21.6550
604650$0.39$0.4532.09%$622.50—————
1,1701,466$0.29$0.3432.79%$625.00—$22.90$26.3510

Forward $600.63. The 25-delta put carries +3.33 volatility points over the 25-delta call.

2026-09-28(5 days)ATM 26.29%±18.48skew +3.26
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
2441$25.15$28.15—$575.00—————
03$22.85$26.45—$577.5029.66%$1.14$1.5129
051$21.45$23.85—$580.00—————
04$18.50$21.35—$582.5027.85%$1.52$2.091421
11214$16.75$19.10—$585.0028.71%$2.11$2.831248
—————$587.5028.72%$2.45$3.701908
124$13.05$15.05—$590.0027.86%$3.10$4.051111
04$11.45$13.75—$592.5028.04%$3.70$5.151689
5403$9.90$11.35—$595.0027.11%$4.90$5.301917
04$8.65$9.75—$597.5026.96%$5.50$6.7008
323996$7.20$8.25—$600.0026.54%$6.35$7.951140
1712$5.80$6.9025.90%$602.50—$7.70$8.6012
1534$5.05$5.7026.22%$605.00—$8.80$10.60165
1516$3.90$4.7025.69%$607.50—$10.30$12.2532
560$3.05$3.8025.39%$610.00—————
28$2.37$3.1525.46%$612.50—————
1313$1.78$2.5025.22%$615.00—————
—————$617.50—$17.30$20.15—0
376345$1.04$1.5525.26%$620.00—$19.55$22.3573
—————$622.50—$21.85$24.35—0
237$0.70$0.9125.79%$625.00—————

Forward $600.58. The 25-delta put carries +3.26 volatility points over the 25-delta call.

2026-09-29(6 days)ATM 27.41%±21.11skew +3.11
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
2556$25.90$28.90—$575.00—————
056$23.65$26.50—$577.50—————
093$21.55$24.30—$580.0032.58%$2.12$3.45128
013$19.65$22.80—$582.5031.04%$2.38$3.6012
15$17.45$20.10—$585.0029.69%$3.05$3.5091,135
03$15.60$18.20—$587.5030.76%$3.55$4.90712
03$13.75$16.15—$590.0030.00%$4.20$5.40105
02$12.00$14.50—$592.5030.09%$4.95$6.4591
17$11.25$12.60—$595.0029.41%$5.65$7.30112
013$9.10$11.25—$597.5028.50%$6.65$7.907144
1033$8.10$9.55—$600.0027.82%$7.70$8.802560
25615$6.45$8.2526.92%$602.50—$8.90$10.0002
8336$6.10$7.0027.85%$605.00—$10.10$12.051323
529$4.60$5.9526.82%$607.50—$11.60$13.2020
150$4.00$5.0027.09%$610.00—————
45$2.78$4.2026.10%$612.50—————
3118$2.50$3.4526.58%$615.00—$16.45$18.7510
3031$2.16$2.8226.87%$617.50—————
02$1.39$2.3026.00%$620.00—————
0—$1.40$2.0327.38%$622.50—$22.25$25.10—0
212$1.01$1.6627.14%$625.00—————

Forward $600.58. The 25-delta put carries +3.11 volatility points over the 25-delta call.

2026-09-30(7 days)ATM 29.88%±24.87skew +2.80
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
099$26.55$30.10—$575.0033.00%$2.18$2.60632
—————$577.5032.85%$2.59$3.051633
4134$22.85$25.40—$580.0032.76%$3.05$3.6031129
028$21.15$23.05—$582.5032.00%$3.45$4.0044
116$19.10$21.00—$585.0031.51%$3.90$4.602271
47$17.45$19.40—$587.5031.13%$4.55$5.20858
923$15.65$17.45—$590.0030.84%$5.25$5.952340
014$14.15$15.50—$592.5030.60%$6.05$6.80310
6172$12.75$13.85—$595.0030.40%$7.00$7.704772
5531$11.35$12.30—$597.5030.14%$8.00$8.7055
1,456202$10.05$10.75—$600.0029.96%$9.10$9.8598131
750$8.75$9.5529.86%$602.50—$10.60$11.1033
2,70970$7.75$8.3529.90%$605.00—$11.55$12.45211
768$6.50$7.2029.34%$607.50—$12.95$14.0040
3744$5.55$6.2529.24%$610.00—$14.25$15.6502
217$4.70$5.3529.07%$612.50—————
4715$4.10$4.5029.09%$615.00—————
3444$3.25$3.8528.71%$617.50—————
2345$2.66$3.2528.58%$620.00—$21.25$23.3501
65$2.26$2.7228.67%$622.50—————
334$1.72$2.4328.71%$625.00—————

Forward $600.93. The 25-delta put carries +2.80 volatility points over the 25-delta call.

2026-10-01(8 days)ATM 31.32%±27.86skew +4.10
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
07$27.50$30.35—$575.0035.42%$3.00$3.9022
03$26.40$28.20—$577.5036.27%$3.45$5.0060
—————$580.0034.83%$3.95$4.95100
01$21.40$24.15—$582.5034.16%$4.45$5.40151
06$19.60$22.20—$585.0034.30%$5.10$6.3070
0—$17.70$20.40—$587.5033.73%$5.05$7.60—2
010$16.65$18.60—$590.0032.73%$6.55$7.20526
0—$15.00$17.20—$592.5032.75%$7.15$8.50—1
112$13.80$15.25—$595.0032.08%$8.25$9.00323
0—$11.40$13.75—$597.5032.41%$9.25$10.45—0
356$11.15$12.35—$600.0031.91%$10.35$11.40204
13—$9.55$10.9531.10%$602.50—$11.05$13.70—0
124$8.60$9.8031.31%$605.00—$12.80$13.8050
0—$7.35$8.7030.91%$607.50—$13.35$16.40—0
439$6.70$7.7531.35%$610.00—————
2—$4.65$6.6029.10%$612.50—$17.00$19.35—0
020$3.90$5.8529.13%$615.00—$18.65$20.4010
0—$3.40$5.0529.23%$617.50—$19.90$22.70—0
0102$3.30$4.4030.06%$620.00—————
—————$622.50—$23.55$26.55—0
01$2.06$3.2529.40%$625.00—————

Forward $600.88. The 25-delta put carries +4.10 volatility points over the 25-delta call.

2026-10-02(9 days)ATM 32.88%±31.02skew +2.60
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
932,166$28.70$31.50—$575.0035.12%$3.80$4.00602310
0346$26.75$29.00—$577.5034.84%$4.30$4.50106172
71,621$25.30$26.55—$580.0034.63%$4.85$5.10651470
0205$23.25$25.30—$582.5034.24%$5.45$5.65101111
11761$21.45$23.10—$585.0034.13%$6.15$6.4097093
0116$19.90$21.30—$587.5033.82%$6.85$7.15867170
20865$18.40$19.50—$590.0033.68%$7.70$8.00312768
4178$16.60$17.95—$592.5033.48%$8.60$8.90119403
43613$15.10$16.25—$595.0033.28%$9.55$9.90126182
3887$13.90$14.80—$597.5033.07%$10.60$10.958443
7362,646$12.40$13.30—$600.0032.99%$11.75$12.1587264
198225$11.35$11.8032.82%$602.50—$12.50$13.40940
401532$10.15$10.6032.64%$605.00—$13.70$14.706477
20166$9.15$9.5032.64%$607.50—$15.10$16.40361
237943$8.05$8.4532.37%$610.00—$16.30$17.75122
1,118110$7.10$7.5032.22%$612.50—$18.10$19.7586
451,773$6.30$6.6532.20%$615.00—$19.60$21.05715
100343$5.55$5.8532.13%$617.50—$21.05$23.45011
2212,455$4.85$5.1532.07%$620.00—$23.20$25.3525
8758$4.25$4.5032.03%$622.50—$25.00$27.20010
1,188237$3.70$3.9532.04%$625.00—$26.60$29.15291

Forward $600.90. The 25-delta put carries +2.60 volatility points over the 25-delta call.

2026-10-05(12 days)ATM 31.24%±34.02skew +2.33
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$575.0032.87%$4.35$5.1017311
—————$577.5032.34%$4.85$5.5001
04$25.70$28.00—$580.0032.96%$5.40$6.7516235
—————$582.5033.15%$6.00$7.8018
114$21.75$24.25—$585.0031.42%$6.70$7.4018245
—————$587.5032.02%$7.45$8.8513
017$18.05$20.65—$590.0031.50%$8.30$9.4512236
—————$592.5030.65%$9.15$9.9007
13$14.95$17.45—$595.0031.96%$10.10$12.20831
5777$12.20$14.55—$600.0030.06%$12.20$13.205219
034$12.35$13.4031.68%$602.50—$13.45$15.3555
057$10.80$11.9030.77%$605.00—$14.10$16.60610
117$9.90$10.7530.84%$607.50—————
055$8.55$9.6530.28%$610.00—$17.45$19.2555
171$7.30$8.7029.82%$612.50—————
6593$6.95$8.6031.34%$615.00—————
1—$5.35$6.9529.19%$617.50—$21.80$24.40—0
6928$5.45$6.0029.92%$620.00—————
14—$4.85$5.4530.12%$622.50—$25.45$27.60—0
17134$4.20$4.8530.02%$625.00—————
0—$2.95$4.2528.78%$627.50—$29.35$31.45—0

Forward $600.68. The 25-delta put carries +2.33 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.