SMH option chain

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

Data as of 9 November 2026 (end of day)

2026-11-11(2 days)ATM 59.29%±21.48skew +9.33

Calls					Strike	Puts
Volume	Open int	Bid	Ask	IV		IV	Bid	Ask	Open int	Volume
10	718	$24.95	$27.50	—	$465.00	69.40%	$1.95	$2.19	84	141
22	45	$23.05	$25.75	—	$467.50	68.12%	$2.27	$2.53	53	50
83	302	$20.95	$22.75	—	$470.00	69.04%	$2.61	$3.40	71	598
5	195	$19.05	$21.50	—	$472.50	65.87%	$3.10	$3.40	18	5
1,224	1,377	$17.55	$18.45	—	$475.00	64.78%	$3.60	$3.95	263	180
23	733	$15.30	$17.30	—	$477.50	63.49%	$4.15	$4.55	2	81
70	627	$13.75	$15.70	—	$480.00	62.55%	$4.85	$5.25	133	602
46	49	$11.55	$14.00	—	$482.50	61.67%	$5.60	$6.10	2	236
474	561	$10.50	$11.50	—	$485.00	60.79%	$6.50	$7.00	13	210
208	261	$9.10	$9.85	—	$487.50	60.38%	$7.50	$8.15	4	24
2,020	906	$8.00	$8.45	59.20%	$490.00	—	$8.65	$9.15	30	1,445
38	92	$6.65	$7.25	58.25%	$492.50	—	$9.30	$11.05	129	0
629	1,381	$5.55	$6.10	57.52%	$495.00	—	$10.90	$12.10	11	15
37	76	$4.55	$5.00	56.46%	$497.50	—	$12.05	$13.95	11	1
641	338	$3.70	$4.10	55.80%	$500.00	—	$14.30	$15.25	66	6
69	310	$3.00	$3.35	55.45%	$502.50	—	$15.30	$17.40	174	22
234	374	$2.39	$2.65	54.79%	$505.00	—	$16.90	$19.25	10	2
30	123	$1.88	$2.11	54.41%	$507.50	—	$18.45	$21.30	11	0
191	42	$1.44	$1.67	54.01%	$510.00	—	$20.50	$23.60	18	0
30	10	$1.11	$1.32	53.88%	$512.50	—	$22.60	$25.70	12	1
52	1,316	$0.80	$1.04	53.48%	$515.00	—	$24.75	$28.45	42	2

Forward $489.32. The 25-delta put carries +9.33 volatility points over the 25-delta call.

2026-11-13(4 days)ATM 57.73%±29.58skew +10.12

Calls					Strike	Puts
Volume	Open int	Bid	Ask	IV		IV	Bid	Ask	Open int	Volume
46	234	$27.70	$29.70	—	$465.00	65.42%	$4.15	$4.45	722	381
28	266	$26.00	$27.60	—	$467.50	64.31%	$4.55	$4.95	440	90
218	847	$24.10	$25.30	—	$470.00	63.39%	$5.05	$5.50	395	807
73	423	$21.90	$23.50	—	$472.50	62.45%	$5.60	$6.10	307	42
37	535	$20.30	$21.45	—	$475.00	61.75%	$6.30	$6.75	21,222	1,596
11	345	$18.65	$20.00	—	$477.50	61.37%	$7.00	$7.65	90	178
1,104	194	$16.80	$18.00	—	$480.00	60.62%	$7.85	$8.40	3,666	314
104	220	$15.35	$16.90	—	$482.50	59.64%	$8.65	$9.25	115	244
526	260	$14.00	$14.75	—	$485.00	59.05%	$9.50	$10.35	308	300
379	193	$12.35	$13.65	—	$487.50	57.94%	$10.65	$11.10	119	223
899	328	$11.05	$12.00	57.78%	$490.00	—	$11.75	$12.45	1,151	76
130	247	$9.95	$10.50	57.08%	$492.50	—	$12.50	$13.70	75	0
1,544	552	$8.75	$9.30	56.46%	$495.00	—	$13.75	$15.15	202	4
180	53	$7.65	$8.25	56.03%	$497.50	—	$15.00	$16.70	225	0
2,760	3,744	$6.85	$7.05	55.54%	$500.00	—	$16.65	$18.00	2,559	14
57	210	$5.75	$6.15	54.60%	$502.50	—	$18.25	$19.80	174	2
323	656	$4.95	$5.35	54.28%	$505.00	—	$19.70	$21.70	1,070	446
55	231	$4.20	$4.60	53.79%	$507.50	—	$21.60	$23.05	72	3
1,151	678	$3.60	$3.85	53.27%	$510.00	—	$23.45	$24.90	1,501	6
90	441	$2.97	$3.30	52.81%	$512.50	—	$25.30	$27.10	132	3
119	248	$2.50	$2.72	52.31%	$515.00	—	$26.40	$29.50	255	113

Forward $489.42. The 25-delta put carries +10.12 volatility points over the 25-delta call.

2026-11-16(7 days)ATM 49.03%±33.21skew +10.61

Calls					Strike	Puts
Volume	Open int	Bid	Ask	IV		IV	Bid	Ask	Open int	Volume
9	3	$29.00	$31.30	—	$465.00	56.29%	$5.00	$6.55	112	77
2	1	$26.95	$29.30	—	$467.50	56.38%	$5.45	$7.55	36	6
20	11	$24.95	$27.40	—	$470.00	54.91%	$6.00	$7.85	343	35
7	3	$23.20	$25.60	—	$472.50	54.65%	$6.60	$8.75	0	1
106	14	$21.25	$23.80	—	$475.00	53.73%	$7.25	$9.40	8	19
88	20	$19.55	$22.05	—	$477.50	—	—	—	—	—
89	63	$18.30	$19.60	—	$480.00	52.15%	$8.75	$10.95	3	13
4	1	$16.10	$18.50	—	$482.50	50.49%	$10.00	$10.95	0	7
175	37	$14.80	$16.85	—	$485.00	50.58%	$10.55	$12.70	50	51
34	25	$13.05	$15.35	—	$487.50	49.65%	$11.60	$13.55	389	2
11	21	$11.85	$13.85	49.11%	$490.00	—	$12.60	$14.80	18	0
2	9	$10.40	$12.50	48.19%	$492.50	—	$13.70	$16.00	35	0
2	4	$9.05	$11.20	47.26%	$495.00	—	$14.75	$17.15	5	0
3	13	$8.80	$10.05	48.40%	$497.50	—	$16.20	$18.50	6	0
402	118	$7.55	$8.90	47.37%	$500.00	—	$17.55	$19.90	17	13
12	14	$6.45	$7.90	46.59%	$502.50	—	$19.00	$21.40	5	0
97	16	$5.45	$6.95	45.79%	$505.00	—	$20.50	$22.95	275	1
12	13	$5.00	$6.05	45.93%	$507.50	—	$22.05	$24.60	41	0
9	5	$4.35	$5.30	45.68%	$510.00	—	$23.90	$26.45	119	1
174	4	$3.35	$4.55	44.28%	$512.50	—	—	—	—	—
14	10	$3.20	$3.65	44.19%	$515.00	—	$27.65	$30.10	18	0

Forward $489.15. The 25-delta put carries +10.61 volatility points over the 25-delta call.

2026-11-18(9 days)ATM 52.36%±40.24skew +12.84

Calls					Strike	Puts
Volume	Open int	Bid	Ask	IV		IV	Bid	Ask	Open int	Volume
3	5	$31.30	$33.80	—	$465.00	60.09%	$7.25	$9.35	25	0
218	1	$29.40	$32.05	—	$467.50	59.24%	$7.85	$9.90	3	0
12	14	$27.65	$30.10	—	$470.00	58.53%	$8.45	$10.60	11	0
5	6	$25.75	$28.30	—	$472.50	57.67%	$9.10	$11.25	1	0
2	5	$24.00	$26.60	—	$475.00	57.00%	$9.85	$12.00	21	0
4	0	$22.20	$24.75	—	$477.50	56.26%	$10.60	$12.80	0	1
3	5	$20.60	$23.05	—	$480.00	55.77%	$11.50	$13.70	23	120
5	2	$19.05	$21.40	—	$482.50	54.94%	$12.35	$14.55	1	1
149	3	$17.50	$19.85	—	$485.00	53.76%	$13.65	$14.85	4	101
6	19	$16.80	$18.35	—	$487.50	53.31%	$14.15	$16.50	0	1
4	84	$14.65	$16.90	52.34%	$490.00	—	$14.95	$17.65	10	0
18	0	$13.25	$16.00	52.38%	$492.50	—	$16.55	$18.85	2	2
7	1	$12.00	$14.35	51.24%	$495.00	—	$17.75	$19.90	6	2
8	0	$10.80	$13.00	50.47%	$497.50	—	$18.95	$21.35	43	0
441	67	$9.65	$12.10	50.31%	$500.00	—	$20.75	$22.05	55	2
67	2	$9.55	$10.80	51.04%	$502.50	—	$21.65	$24.10	5	0
8	1	$7.55	$9.70	48.64%	$505.00	—	$23.05	$25.60	19	2
5	4	$6.60	$8.75	48.06%	$507.50	—	$24.50	$27.15	2	0
6	5	$5.95	$7.90	47.98%	$510.00	—	$26.15	$28.75	2	2
1	0	$4.95	$7.00	46.91%	$512.50	—	—	—	—	—
2	2	$4.65	$6.25	47.25%	$515.00	—	$29.70	$31.90	3	4

Forward $489.47. The 25-delta put carries +12.84 volatility points over the 25-delta call.

2026-11-20(11 days)ATM 53.25%±45.27skew +9.90

Calls					Strike	Puts
Volume	Open int	Bid	Ask	IV		IV	Bid	Ask	Open int	Volume
2	—	$42.80	$45.10	—	$452.50	60.86%	$6.30	$6.75	—	116
23	68	$41.15	$42.90	—	$455.00	60.46%	$6.80	$7.30	1,355	88
18	—	$39.05	$41.05	—	$457.50	60.02%	$7.35	$7.85	—	808
61	1,809	$37.15	$39.15	—	$460.00	59.17%	$7.75	$8.40	2,205	3,418
397	—	$35.30	$36.25	—	$462.50	58.76%	$8.45	$8.95	—	10
86	1,110	$32.75	$35.20	—	$465.00	58.20%	$9.05	$9.60	8,359	5,420
111	—	$31.65	$33.20	—	$467.50	57.61%	$9.70	$10.25	—	50
196	881	$29.85	$31.45	—	$470.00	57.13%	$10.45	$10.95	2,339	270
22	—	$28.10	$29.95	—	$472.50	56.43%	$11.10	$11.70	—	49
262	462	$26.35	$28.00	—	$475.00	56.07%	$11.95	$12.55	2,528	364
19	—	$24.60	$26.35	—	$477.50	55.56%	$12.80	$13.40	—	58
409	3,278	$23.25	$24.80	—	$480.00	55.14%	$13.75	$14.30	3,368	2,379
370	835	$20.25	$21.70	—	$485.00	54.08%	$15.60	$16.30	2,728	652
981	727	$17.50	$18.50	53.51%	$490.00	—	$18.00	$18.50	8,922	6,540
561	2,161	$15.05	$15.90	52.80%	$495.00	—	$20.20	$21.15	1,806	92
2,728	2,512	$12.85	$13.55	52.18%	$500.00	—	$22.85	$23.85	17,457	10,216
907	1,955	$10.65	$11.20	50.87%	$505.00	—	$25.75	$26.80	3,021	33
247	2,310	$8.85	$9.55	50.59%	$510.00	—	$28.25	$30.05	3,647	323
1,263	2,063	$7.25	$7.65	49.52%	$515.00	—	$32.25	$33.35	4,743	24
1,678	2,005	$5.90	$6.40	49.27%	$520.00	—	$35.05	$36.95	5,244	50
344	620	$4.70	$5.00	48.31%	$525.00	—	$39.20	$41.50	3,648	308

Forward $489.75. The 25-delta put carries +9.90 volatility points over the 25-delta call.

2026-11-23(14 days)ATM 49.63%±47.60skew +13.78

Calls					Strike	Puts
Volume	Open int	Bid	Ask	IV		IV	Bid	Ask	Open int	Volume
0	—	$58.00	$61.25	—	$435.00	62.99%	$3.85	$6.35	—	0
0	—	$53.85	$56.90	—	$440.00	62.04%	$4.70	$7.00	—	0
0	—	$49.75	$52.70	—	$445.00	60.25%	$5.20	$7.75	—	0
0	—	$45.40	$48.15	—	$450.00	59.36%	$6.20	$8.65	—	4
0	—	$41.75	$44.20	—	$455.00	57.83%	$7.05	$9.55	—	2
0	—	$37.90	$40.40	—	$460.00	56.59%	$8.05	$10.70	—	5
3	—	$33.85	$36.65	—	$465.00	55.73%	$9.45	$11.95	—	0
6	—	$30.20	$33.00	—	$470.00	55.59%	$11.50	$13.35	—	7
2	—	$26.75	$29.70	—	$475.00	53.00%	$12.00	$14.90	—	0
3	—	$23.45	$26.05	—	$480.00	51.61%	$13.35	$16.75	—	5
4	—	$20.25	$23.15	—	$485.00	50.87%	$16.00	$18.15	—	3
1	—	$17.40	$20.45	49.93%	$490.00	—	$17.90	$20.55	—	0
0	—	$14.90	$17.80	49.17%	$495.00	—	$20.15	$22.85	—	0
18	—	$12.75	$14.85	47.91%	$500.00	—	$23.45	$24.95	—	2
4	—	$10.40	$13.05	47.34%	$505.00	—	$25.45	$27.90	—	0
4	—	$8.55	$11.05	46.60%	$510.00	—	$28.60	$31.05	—	0
1	—	$6.65	$9.05	45.15%	$515.00	—	$31.90	$34.35	—	0
1	—	$5.10	$7.40	44.05%	$520.00	—	$35.45	$37.95	—	0
12	—	$3.90	$5.90	43.05%	$525.00	—	$39.25	$41.95	—	0
—	—	—	—	—	$530.00	—	$42.30	$46.65	—	0
—	—	—	—	—	$535.00	—	$46.95	$50.75	—	0

Forward $489.70. The 25-delta put carries +13.78 volatility points over the 25-delta call.

2026-11-27(18 days)ATM 47.83%±52.08skew +7.19

Calls					Strike	Puts
Volume	Open int	Bid	Ask	IV		IV	Bid	Ask	Open int	Volume
62	150	$35.70	$37.15	—	$465.00	51.87%	$11.30	$11.80	265	15
0	—	$33.90	$36.40	—	$467.50	52.50%	$12.05	$13.30	—	19
11	45	$32.55	$33.70	—	$470.00	51.30%	$12.60	$13.65	302	72
0	—	$30.40	$32.85	—	$472.50	50.89%	$13.60	$14.25	—	7
15	83	$28.90	$31.15	—	$475.00	50.33%	$14.25	$15.15	118	31
0	—	$27.10	$29.40	—	$477.50	49.74%	$15.10	$15.90	—	6
9	160	$25.65	$27.80	—	$480.00	49.77%	$16.20	$17.00	289	14
100	372	$24.60	$26.40	—	$482.50	49.45%	$17.20	$18.00	31	3
2	72	$22.65	$24.90	—	$485.00	49.09%	$18.05	$19.20	198	20
6	19	$21.35	$23.30	—	$487.50	48.33%	$19.05	$20.00	6	3
136	3,326	$20.30	$21.80	—	$490.00	48.28%	$20.40	$21.15	322	2
205	277	$18.80	$20.70	47.99%	$492.50	—	—	—	—	—
6	28	$17.90	$18.55	47.08%	$495.00	—	$21.65	$23.85	253	2
12	7	$16.65	$17.45	46.86%	$497.50	—	$23.40	$25.00	0	1
363	469	$15.50	$16.35	46.65%	$500.00	—	$24.45	$26.55	333	2
39	11	$14.40	$15.00	46.09%	$502.50	—	—	—	—	—
31	34	$13.35	$13.90	45.76%	$505.00	—	$27.15	$29.80	284	0
26	17	$12.35	$12.90	45.50%	$507.50	—	—	—	—	—
86	440	$11.35	$11.95	45.18%	$510.00	—	$30.35	$32.55	164	7
20	114	$10.50	$11.05	44.99%	$512.50	—	$31.80	$34.20	1	1
8	67	$9.65	$10.15	44.68%	$515.00	—	$33.45	$36.00	230	22

Forward $490.28. The 25-delta put carries +7.19 volatility points over the 25-delta call.

2026-12-04(25 days)ATM 45.97%±59.00

Calls					Strike	Puts
Volume	Open int	Bid	Ask	IV		IV	Bid	Ask	Open int	Volume
0	6	$38.40	$40.70	—	$465.00	49.40%	$13.65	$14.20	107	26
0	—	$36.75	$39.00	—	$467.50	49.61%	$14.15	$15.75	—	2
162	19	$34.90	$37.25	—	$470.00	48.56%	$14.95	$15.90	191	45
0	—	$33.30	$35.80	—	$472.50	48.30%	$15.85	$16.75	—	5
17	11	$31.65	$34.05	—	$475.00	48.02%	$16.75	$17.65	249	8
0	—	$30.00	$32.50	—	$477.50	47.91%	$17.90	$18.55	—	1
95	56	$28.45	$30.75	—	$480.00	47.62%	$18.85	$19.55	186	8
1	11	$26.95	$29.40	—	$482.50	47.30%	$19.85	$20.55	2	19
66	29	$26.00	$27.90	—	$485.00	47.06%	$20.90	$21.65	74	24
11	8	$24.10	$26.45	—	$487.50	46.79%	$22.00	$22.75	1	5
73	187	$22.75	$25.10	—	$490.00	46.48%	$23.05	$23.95	106	18
513	3	$21.35	$23.65	45.99%	$492.50	—	$24.25	$25.25	1	1
20	43	$21.00	$21.70	45.95%	$495.00	—	$25.50	$27.15	166	5
69	7	$19.80	$20.50	45.74%	$497.50	—	$26.10	$28.35	1	2
70	4,043	$18.55	$19.30	45.39%	$500.00	—	$27.60	$29.10	146	53
51	2	$17.45	$18.15	45.16%	$502.50	—	$28.30	$31.05	105	0
61	34	$16.35	$17.05	44.89%	$505.00	—	$30.05	$32.40	114	0
22	12	$15.30	$16.00	44.64%	$507.50	—	$31.50	$33.85	0	1
33	66	$14.30	$15.00	44.40%	$510.00	—	$32.80	$35.40	111	4
143	2	$13.60	$14.05	44.44%	$512.50	—	$34.20	$36.90	2	1
28	56	$12.70	$13.15	44.25%	$515.00	—	$35.95	$38.45	64	7

Forward $490.43. Not enough surviving quotes on both wings to measure the skew here.

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.