Options Skew Analytics

SPY 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 11.79%±4.74skew +2.00
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
57798$9.95$10.02—$758.0015.67%$0.15$0.161,9135,287
711,823$9.00$9.06—$759.0015.17%$0.19$0.201,4865,497
5892,131$8.05$8.11—$760.0014.79%$0.25$0.262,07143,941
4031,219$7.14$7.19—$761.0014.31%$0.32$0.332,63614,216
808506$6.24$6.28—$762.0013.83%$0.41$0.421,09022,158
1,856710$5.36$5.41—$763.0013.47%$0.54$0.551,96328,584
1,282503$4.53$4.57—$764.0013.13%$0.71$0.721,25923,131
5,0231,484$3.75$3.78—$765.0012.73%$0.92$0.931,54351,284
15,324698$3.03$3.05—$766.0012.37%$1.19$1.2085452,994
36,500843$2.38$2.39—$767.0012.02%$1.53$1.541,84476,682
79,128839$1.80$1.8111.75%$768.00—$1.96$1.971,22382,463
70,218859$1.31$1.3211.45%$769.00—$2.47$2.481,47756,965
87,4631,826$0.92$0.9311.23%$770.00—$3.07$3.102,23051,332
62,3755,837$0.63$0.6411.13%$771.00—$3.78$3.812,26923,923
49,4311,307$0.41$0.4211.00%$772.00—$4.56$4.591,53916,001
29,8052,522$0.27$0.2811.08%$773.00—$5.41$5.452,2628,007
32,2671,735$0.17$0.1811.13%$774.00—$6.33$6.392,4233,095
36,7703,239$0.11$0.1211.32%$775.00—$7.29$7.361,8972,688
14,0763,953$0.08$0.0911.81%$776.00—$8.28$8.34528820
11,3082,482$0.06$0.0712.34%$777.00—$9.27$9.34151419
5,9765,324$0.04$0.0512.64%$778.00—$10.26$10.34350596

Forward $767.84. The 25-delta put carries +2.00 volatility points over the 25-delta call.

2026-09-25(2 days)ATM 11.99%±6.82skew +1.98
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
2551,635$10.54$10.60—$758.0015.00%$0.48$0.494,2415,716
3181,586$9.63$9.69—$759.0014.68%$0.57$0.584,1125,418
4715,188$8.74$8.79—$760.0014.30%$0.67$0.6825,56141,808
1343,229$7.87$7.92—$761.0014.00%$0.80$0.814,7665,651
1862,087$7.03$7.07—$762.0013.67%$0.95$0.965,3038,030
7664,932$6.22$6.25—$763.0013.36%$1.13$1.142,4998,575
1,0783,384$5.44$5.46—$764.0013.08%$1.35$1.362,6407,189
3,8207,958$4.69$4.72—$765.0012.76%$1.60$1.616,80224,306
4,7662,883$4.00$4.01—$766.0012.49%$1.90$1.923,88020,842
12,0604,066$3.35$3.36—$767.0012.23%$2.26$2.273,44319,641
20,9662,978$2.76$2.77—$768.0012.02%$2.68$2.695,85427,665
23,9734,021$2.24$2.2511.81%$769.00—$3.16$3.183,95126,154
39,81410,356$1.78$1.7911.60%$770.00—$3.71$3.738,73529,245
21,8722,916$1.40$1.4111.48%$771.00—$4.34$4.362,5629,954
65,85929,517$1.08$1.0911.37%$772.00—$5.04$5.076,86022,596
31,2574,520$0.83$0.8411.35%$773.00—$5.80$5.834,9749,338
11,4139,678$0.63$0.6411.36%$774.00—$6.62$6.662,8174,249
29,2977,999$0.47$0.4811.36%$775.00—$7.50$7.532,8965,800
14,5223,907$0.35$0.3611.41%$776.00—$8.38$8.441,3221,119
10,7594,254$0.26$0.2711.50%$777.00—$9.32$9.381,7501,466
10,8584,002$0.20$0.2111.71%$778.00—$10.29$10.35840497

Forward $768.08. The 25-delta put carries +1.98 volatility points over the 25-delta call.

2026-09-28(5 days)ATM 9.59%±8.62skew +1.82
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
20346$11.07$11.12—$758.0011.71%$0.91$0.924801,497
103206$10.19$10.24—$759.0011.49%$1.03$1.05726904
1771,058$9.34$9.38—$760.0011.25%$1.17$1.197,76913,006
25543$8.51$8.54—$761.0011.03%$1.34$1.35500974
82284$7.70$7.73—$762.0010.81%$1.52$1.541,2821,278
231291$6.91$6.94—$763.0010.58%$1.73$1.757191,071
325317$6.16$6.19—$764.0010.38%$1.98$2.005162,321
7361,027$5.44$5.47—$765.0010.18%$2.26$2.281,7483,693
734449$4.76$4.78—$766.009.99%$2.58$2.607842,316
2,350615$4.13$4.15—$767.009.81%$2.95$2.967663,438
3,596554$3.54$3.55—$768.009.63%$3.35$3.371,3994,597
3,950627$3.00$3.019.47%$769.00—$3.82$3.841,4964,130
10,3772,441$2.51$2.539.33%$770.00—$4.34$4.363,9668,005
3,081355$2.08$2.109.21%$771.00—$4.91$4.949402,147
4,225964$1.71$1.729.11%$772.00—$5.54$5.578232,603
6,0841,766$1.39$1.409.04%$773.00—$6.23$6.271,2821,434
2,5081,424$1.12$1.138.99%$774.00—$6.98$7.021,130680
8,2021,702$0.89$0.908.93%$775.00—$7.77$7.82473869
2,3032,121$0.71$0.728.94%$776.00—$8.61$8.66373301
2,2622,152$0.56$0.578.94%$777.00—$9.48$9.53211153
765792$0.44$0.458.96%$778.00—$10.39$10.44244453

Forward $768.19. The 25-delta put carries +1.82 volatility points over the 25-delta call.

2026-09-29(6 days)ATM 10.09%±9.93skew +2.09
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
996124$11.42$11.69—$758.0012.11%$1.26$1.27665538
1,284126$10.57$10.83—$759.0011.91%$1.41$1.42590790
1,089355$9.71$9.99—$760.0011.69%$1.57$1.581,7371,407
1,085125$8.91$9.17—$761.0011.46%$1.75$1.76442440
1,310208$8.14$8.31—$762.0011.27%$1.96$1.97684690
624285$7.39$7.54—$763.0011.04%$2.18$2.203402,575
810226$6.68$6.80—$764.0010.85%$2.45$2.462273,266
974396$5.99$6.03—$765.0010.65%$2.74$2.757501,365
1,115212$5.31$5.36—$766.0010.48%$3.07$3.088114,446
903291$4.68$4.72—$767.0010.31%$3.44$3.451871,471
905131$4.11$4.12—$768.0010.14%$3.84$3.864271,471
1,337345$3.56$3.579.98%$769.00—$4.29$4.314653,208
2,083559$3.05$3.079.83%$770.00—$4.78$4.864502,348
1,0131,088$2.60$2.619.70%$771.00—$5.29$5.423091,093
1,437954$2.19$2.209.58%$772.00—$5.93$6.024361,244
1,014314$1.84$1.859.51%$773.00—$6.56$6.68522733
1,7891,054$1.53$1.549.44%$774.00—$7.28$7.40499422
1,2871,063$1.26$1.279.37%$775.00—$7.94$8.17589894
508711$1.03$1.049.32%$776.00—$8.68$9.03147584
446432$0.84$0.859.30%$777.00—$9.51$9.82102636
643748$0.68$0.699.28%$778.00—$10.34$10.691621,387

Forward $768.27. The 25-delta put carries +2.09 volatility points over the 25-delta call.

2026-09-30(7 days)ATM 10.79%±11.48skew +2.39
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
1,611983$11.93$12.21—$758.0012.76%$1.71$1.722,2423,368
7001,657$11.12$11.36—$759.0012.55%$1.87$1.891,7931,602
7345,123$10.38$10.45—$760.0012.35%$2.06$2.0712,36210,932
3466,078$9.59$9.66—$761.0012.14%$2.26$2.2761,1615,840
6482,291$8.76$8.96—$762.0011.95%$2.49$2.501,766729
1,4741,205$8.01$8.19—$763.0011.74%$2.73$2.751,8391,946
6421,621$7.28$7.46—$764.0011.55%$3.01$3.021,655912
7184,799$6.61$6.76—$765.0011.37%$3.31$3.337,87611,496
4461,624$5.94$6.09—$766.0011.18%$3.64$3.662,2571,603
1,9071,715$5.35$5.40—$767.0011.01%$4.01$4.032,9493,416
3,2092,338$4.78$4.79—$768.0010.86%$4.42$4.441,4453,113
3,2883,240$4.22$4.2310.70%$769.00—$4.87$4.892,0712,655
8,1236,586$3.70$3.7210.56%$770.00—$5.34$5.398,6206,958
4,1102,529$3.23$3.2410.43%$771.00—$5.78$5.961,3971,147
2,3722,653$2.79$2.8010.29%$772.00—$6.36$6.561,6291,717
2,7083,091$2.40$2.4110.19%$773.00—$6.97$7.151,2801,029
1,5102,172$2.05$2.0610.10%$774.00—$7.61$7.901,1141,156
6,13718,897$1.74$1.7510.02%$775.00—$8.39$8.5013,13112,101
1,0321,245$1.47$1.489.96%$776.00—$9.00$9.341,164997
1,3983,378$1.23$1.249.89%$777.00—$9.77$10.133452,082
1,1971,947$1.03$1.049.87%$778.00—$10.58$10.973752,001

Forward $768.36. The 25-delta put carries +2.39 volatility points over the 25-delta call.

2026-10-01(8 days)ATM 11.07%±12.59skew +2.53
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
3050$12.38$12.68—$758.0012.94%$2.02$2.04455134
35225$11.55$11.83—$759.0012.75%$2.20$2.22631204
105367$10.74$11.02—$760.0012.54%$2.39$2.411,8191,523
106502$9.97$10.23—$761.0012.36%$2.61$2.63179597
103159$9.22$9.47—$762.0012.16%$2.84$2.86172207
157200$8.48$8.71—$763.0011.98%$3.10$3.12804164
8199$7.77$7.98—$764.0011.80%$3.38$3.41122294
174388$7.12$7.28—$765.0011.64%$3.70$3.72592998
641192$6.45$6.60—$766.0011.48%$4.04$4.06366819
881159$5.86$5.92—$767.0011.31%$4.41$4.43263432
1,264160$5.30$5.31—$768.0011.16%$4.81$4.84120571
847222$4.73$4.7411.00%$769.00—$5.25$5.28187799
2,869416$4.20$4.2110.85%$770.00—$5.73$5.768544,091
35683$3.71$3.7310.73%$771.00—$6.14$6.35225874
422349$3.26$3.2710.61%$772.00—$6.70$6.93359453
576126$2.85$2.8610.50%$773.00—$7.28$7.52593319
310286$2.47$2.4910.40%$774.00—$7.88$8.20454667
907740$2.13$2.1510.31%$775.00—$8.53$8.854571,995
314266$1.83$1.8410.22%$776.00—$9.24$9.5811099
349249$1.56$1.5810.16%$777.00—$9.99$10.332324
331518$1.33$1.3410.11%$778.00—$10.76$11.16373

Forward $768.48. The 25-delta put carries +2.53 volatility points over the 25-delta call.

2026-10-02(9 days)ATM 11.57%±13.96skew +2.52
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
3316$12.25$12.46—$759.0013.13%$2.58$2.601,017869
1122,240$11.48$11.57—$760.0012.95%$2.79$2.817,4664,837
61680$10.69$10.79—$761.0012.78%$3.02$3.04796514
2611,681$9.94$10.04—$762.0012.60%$3.27$3.281,381864
81824$9.22$9.32—$763.0012.43%$3.54$3.551,485899
141631$8.50$8.61—$764.0012.27%$3.83$3.851,1841,961
5253,030$7.83$7.89—$765.0012.10%$4.15$4.162,93514,632
133910$7.17$7.23—$766.0011.95%$4.49$4.511,4702,490
8221,138$6.54$6.60—$767.0011.81%$4.87$4.882,4263,122
1,8381,365$5.96$5.97—$768.0011.67%$5.27$5.292,2762,331
3,2741,012$5.39$5.4011.54%$769.00—$5.70$5.736471,520
6,6833,790$4.85$4.8611.40%$770.00—$6.18$6.202,7206,261
1,2931,147$4.34$4.3611.27%$771.00—$6.67$6.729061,140
2,69713,964$3.87$3.8811.14%$772.00—$7.20$7.268492,207
2,1732,765$3.44$3.4511.04%$773.00—$7.78$7.831,6251,393
3,1322,757$3.04$3.0510.94%$774.00—$8.40$8.461,566415
10,2384,462$2.67$2.6810.84%$775.00—$9.03$9.141,530443
1,1211,645$2.33$2.3510.76%$776.00—$9.70$9.8181975
1,557631$2.03$2.0510.68%$777.00—$10.31$10.67394101
1,157949$1.76$1.7710.60%$778.00—$11.03$11.39297126
8431,645$1.52$1.5310.55%$779.00—$11.80$12.2519928

Forward $768.68. The 25-delta put carries +2.52 volatility points over the 25-delta call.

2026-10-05(12 days)ATM 10.86%±15.14skew +2.30
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$759.0012.28%$2.98$2.9931334
5617$11.92$12.16—$760.0012.12%$3.20$3.21718363
70$11.16$11.38—$761.0011.97%$3.44$3.45127275
111$10.37$10.61—$762.0011.80%$3.69$3.7036225
270$9.65$9.89—$763.0011.66%$3.97$3.9842663
753$8.97$9.18—$764.0011.52%$4.27$4.288141
22427$8.30$8.44—$765.0011.37%$4.59$4.60686660
361$7.69$7.76—$766.0011.23%$4.93$4.9534208
2637$7.05$7.13—$767.0011.10%$5.31$5.3267771
2443$6.48$6.49—$768.0010.97%$5.71$5.7291325
48125$5.91$5.9210.85%$769.00—$6.14$6.1559273
520150$5.36$5.3910.74%$770.00—$6.59$6.62857463
86928$4.85$4.8610.61%$771.00—$7.01$7.2091210
3808$4.36$4.3710.49%$772.00—$7.53$7.7335507
37157$3.91$3.9210.39%$773.00—$8.08$8.29224484
27588$3.49$3.5010.29%$774.00—$8.67$8.88131139
4561,091$3.10$3.1210.20%$775.00—$9.28$9.58344148
193117$2.75$2.7610.12%$776.00—$9.93$10.217685
16897$2.42$2.4410.04%$777.00—$10.61$10.9312157
183129$2.13$2.149.97%$778.00—$11.32$11.69554
12149$1.86$1.879.91%$779.00—$12.06$12.49212

Forward $768.77. The 25-delta put carries +2.30 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.