Options Skew Analytics

TAN option chain

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

Data as of 9 November 2026 (end of day)

2026-11-20(11 days)ATM 48.52%±3.82skew -0.31
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$9.60$11.00—$35.00—————
010$8.60$9.80—$36.00—————
16$7.60$8.90—$37.00—————
02$6.70$7.80—$38.00—————
018$5.80$6.90—$39.00—————
2182$5.40$5.90—$40.00—————
02,023$4.50$5.00—$41.00—————
1110$3.30$4.20—$42.0051.65%$0.35$0.501,6624
2627$2.85$3.10—$43.0049.73%$0.55$0.7023412
251,933$2.20$2.40—$44.0047.83%$0.80$1.002,1223
171,087$1.55$1.80—$45.0047.81%$1.25$1.401,7998
1502,051$1.15$1.3549.17%$46.00—$1.60$1.951381
1,4115,962$0.80$0.9048.08%$47.00—$2.25$2.602675
735,061$0.55$0.7050.05%$48.00—$3.00$3.401480
0145$0.30$0.5049.24%$49.00—$3.70$4.502010
5,9912,798$0.30$0.3553.05%$50.00—$4.60$5.401731
—————$51.00—$5.50$6.30330
—————$52.00—$6.40$7.40370
—————$53.00—$7.40$8.401220
—————$54.00—$8.30$9.50400
51,329$0.05$0.1061.55%$55.00—$9.40$10.10590

Forward $45.35. The 25-delta put carries -0.31 volatility points over the 25-delta call.

2026-12-18(39 days)ATM 43.05%±6.39skew -1.03
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
1952$10.70$12.00—$34.00—————
01$7.20$8.40—$38.00—————
028$5.70$6.50—$40.0042.96%$0.50$0.701282
—————$41.0044.01%$0.70$1.05363
07$4.00$5.00—$42.0043.69%$0.95$1.351381
2140$3.40$4.20—$43.0041.37%$1.25$1.504435
765$2.80$3.60—$44.0042.67%$1.45$2.251040
1919,000$2.60$3.10—$45.0039.75%$2.00$2.3052
71169$2.15$2.4043.45%$46.00—$2.50$3.3051
20160$1.70$2.1043.92%$47.00—$3.00$3.90600
343$1.45$1.6543.86%$48.00—$3.70$4.60500
034$0.95$1.4042.33%$49.00—————
3929,745$0.95$1.1544.72%$50.00—————
—————$51.00—$6.00$6.9010
358$0.60$0.8546.12%$52.00—$6.80$7.7050

Forward $45.37. The 25-delta put carries -1.03 volatility points over the 25-delta call.

2027-01-15(67 days)ATM 42.16%±8.20skew +1.10
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0147$10.00$11.60—$35.00—————
062$9.10$10.50—$36.00—————
027$8.30$9.50—$37.00—————
042$7.50$8.70—$38.00—————
0155$6.60$7.80—$39.00—————
50416$6.10$6.80—$40.0041.13%$0.85$1.203233
068$5.40$6.10—$41.0043.39%$1.15$1.753,2722
132$4.50$5.40—$42.0041.98%$1.30$2.10690
679$4.10$4.80—$43.0042.16%$1.75$2.45540
9377$3.50$4.20—$44.0041.99%$2.15$2.901190
775,840$3.40$3.60—$45.0038.89%$2.60$2.951081
21344$2.75$3.2042.03%$46.00—$3.10$4.001130
1344$2.40$2.8042.48%$47.00—$3.70$4.601020
861$1.80$2.4541.03%$48.00—$4.30$5.20440
394$1.70$2.1542.67%$49.00—$4.90$5.901340
4674,023$1.50$1.7542.46%$50.00—$5.60$6.403230
—————$51.00—$6.40$7.40300
51101$1.00$1.3042.29%$52.00—$7.10$8.10280
—————$53.00—$8.00$9.00180
—————$54.00—$8.90$9.90290
61,017$0.65$0.8043.41%$55.00—$9.80$10.701100

Forward $45.42. The 25-delta put carries +1.10 volatility points over the 25-delta call.

2027-04-16(158 days)ATM 42.39%±12.72skew -3.34
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
03$15.20$16.70—$30.00—————
03$11.00$12.30—$35.0040.44%$0.70$1.057819
113$7.50$8.50—$40.0039.14%$1.85$2.35938
15$6.80$8.10—$41.0039.50%$2.30$2.701731
032$6.10$7.50—$42.0039.25%$2.65$3.10291
25$5.90$6.70—$43.0038.71%$3.00$3.50421
123$5.20$6.10—$44.0038.54%$3.40$4.00101
169243$4.90$5.60—$45.0040.25%$3.90$4.90513
027$4.30$5.0041.19%$46.00—$4.40$5.7030
2068$4.00$4.8042.55%$47.00—$5.10$6.1080
9375$3.60$4.3041.96%$48.00—$5.60$6.9040
022$3.20$3.9041.55%$49.00—$6.20$7.50720
207259$3.10$3.5042.20%$50.00—$6.90$8.0010
14$2.40$3.2040.44%$51.00—————
3051$2.10$2.9540.41%$52.00—$8.30$9.6030
248$2.05$2.7541.57%$53.00—$9.00$10.4020
20128$1.65$2.4542.48%$55.00—$10.60$11.90250
—————$59.00—$14.00$15.3010
49677$1.05$1.4042.43%$60.00—————

Forward $45.59. The 25-delta put carries -3.34 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.