Options Skew Analytics

TGT option chain

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

Data as of 23 September 2026 (end of day)

2026-09-25(2 days)ATM 34.04%±3.94skew +1.74
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
65$18.60$21.20—$137.00—————
22$17.50$20.20—$138.00—————
011$16.35$19.20—$139.00—————
430$15.60$17.75—$140.00—————
01$14.55$17.20—$141.00—————
01$13.30$16.15—$142.00—————
12$12.70$13.70—$143.00—————
12$11.45$12.75—$144.00—————
05$10.45$11.75—$145.00—————
15$9.65$10.75—$146.0043.15%$0.01$0.05430
014$8.75$9.75—$147.0040.31%$0.01$0.06260
016$7.90$8.75—$148.00—————
017$6.95$7.80—$149.00—————
2530$5.80$6.80—$150.0036.40%$0.10$0.1439160
2233$3.65$4.50—$152.5036.22%$0.35$0.49703293
11197$2.21$2.50—$155.0033.77%$0.98$1.07536342
715794$0.93$1.1234.36%$157.50—$2.17$2.481,3841,296
303916$0.35$0.4034.48%$160.00—$4.00$4.5520145
2401,381$0.10$0.1335.08%$162.50—$5.90$6.75763
151462$0.02$0.0637.43%$165.00—$8.35$9.251421
21319$0.01$0.0341.60%$167.50—$10.85$11.90350

Forward $156.20. The 25-delta put carries +1.74 volatility points over the 25-delta call.

2026-10-02(9 days)ATM 29.79%±7.31skew +0.52
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$25.55$28.30—$130.00—————
059$15.60$16.90—$140.00—————
01$15.10$15.95—$141.00—————
02$14.10$14.95—$142.00—————
015$12.20$13.00—$144.00—————
013$10.80$12.05—$145.00—————
01$9.95$11.15—$146.00—————
03$8.95$10.20—$147.0032.69%$0.35$0.54360
02$8.10$9.30—$148.0031.06%$0.45$0.542619
110$7.25$8.40—$149.0030.82%$0.59$0.682205
073$6.45$7.55—$150.0031.24%$0.75$0.9515447
102$5.15$5.50—$152.5029.77%$1.28$1.4811627
675$3.50$3.90—$155.0029.57%$2.19$2.4010913
16469$2.26$2.4629.93%$157.50—$3.40$3.809353
3411,293$1.34$1.5329.64%$160.00—$4.95$5.3564500
72214$0.75$0.8529.25%$162.50—$6.50$7.25102
68245$0.40$0.5029.73%$165.00—$8.60$9.701010
31144$0.21$0.3431.09%$167.50—$10.90$11.85410
—————$170.00—$13.35$14.20400
—————$172.50—$15.80$16.70200

Forward $156.26. The 25-delta put carries +0.52 volatility points over the 25-delta call.

2026-10-09(16 days)ATM 29.65%±9.71skew +1.36
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$35.85$38.40—$120.00—————
01$30.70$33.45—$125.00—————
01$20.75$22.10—$135.00—————
03$16.15$17.25—$140.00—————
—————$146.0031.76%$0.64$0.9170
03$8.75$9.95—$148.0029.33%$0.73$1.13800
01$8.20$9.15—$149.0030.49%$1.15$1.34372
117$7.80$8.35—$150.0030.46%$1.38$1.602303
05$6.00$6.55—$152.5030.27%$2.11$2.372062
523$4.45$4.95—$155.0029.69%$3.05$3.309530
1844$3.25$3.5029.63%$157.50—$4.25$4.602822
2880$2.24$2.4629.32%$160.00—$5.75$6.108421
475$1.48$1.6729.10%$162.50—$7.40$7.95540
2422$0.95$1.1229.16%$165.00—$9.00$10.0550
1161$0.60$0.7529.46%$167.50—$11.15$12.6010
25107$0.37$0.5029.85%$170.00—————
—————$175.00—$18.30$19.7510

Forward $156.45. The 25-delta put carries +1.36 volatility points over the 25-delta call.

2026-10-16(23 days)ATM 29.53%±11.61skew +1.11
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
04,792$25.80$27.15—$130.0036.66%$0.08$0.13678204
62,570$20.95$22.30—$135.00—————
3907$16.20$17.50—$140.00—————
—————$144.0030.96%$0.76$0.9120
243,426$12.05$12.90—$145.0030.69%$0.88$1.061,06147
—————$146.0030.64%$1.06$1.23320
—————$147.0029.71%$1.07$1.4310
—————$148.0030.26%$1.41$1.6640
—————$149.0030.34%$1.70$1.9013
22,085$8.45$8.75—$150.0029.97%$1.99$2.081,77642
01$6.70$7.30—$152.5030.11%$2.74$3.05016
6890$5.35$5.65—$155.0029.84%$3.75$4.053,244103
05$3.90$4.4529.48%$157.50—$4.90$5.304187
4992,595$3.00$3.2529.32%$160.00—$6.35$6.803,42026
419$2.20$2.4029.33%$162.50—$8.05$8.5004
362,118$1.55$1.7329.23%$165.00—$9.55$10.457981
236$1.07$1.2429.29%$167.50—————
2912,179$0.75$0.8229.23%$170.00—$13.65$15.004981
24$0.48$0.7030.16%$172.50—————
981,694$0.35$0.4630.38%$175.00—$18.35$19.30750
133926$0.13$0.1930.07%$180.00—$23.30$24.701180

Forward $156.57. The 25-delta put carries +1.11 volatility points over the 25-delta call.

2026-10-23(30 days)ATM 30.06%±13.51skew +0.61
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
05$26.15$27.40—$130.00—————
030$21.25$22.60—$135.00—————
02$16.55$18.00—$140.00—————
01$14.10$15.35—$143.0031.58%$0.95$1.2240
08$13.20$14.50—$144.0030.48%$0.98$1.30140
—————$145.0031.25%$1.32$1.5193
—————$146.0031.06%$1.50$1.7140
08$10.80$12.10—$147.0030.84%$1.71$1.9152
08$10.10$11.30—$148.0029.88%$1.67$2.2033
09$9.40$10.55—$149.0029.64%$1.88$2.4770
114$9.05$9.85—$150.0030.45%$2.48$2.72228
060$7.35$8.15—$152.5030.54%$3.35$3.65211
16$5.95$6.65—$155.0030.30%$4.35$4.70151
013$4.75$5.3530.04%$157.50—$5.50$5.95120
223$3.50$4.2529.41%$160.00—$6.90$7.4570
550$2.72$3.3529.68%$162.50—$8.50$9.1010
615$2.06$2.5729.71%$165.00—$10.35$11.25170
15$1.54$1.7429.03%$167.50—————
2637$1.13$1.2929.16%$170.00—————
3141$0.76$1.1830.18%$172.50—————
341$0.61$0.9130.92%$175.00—————

Forward $156.82. The 25-delta put carries +0.61 volatility points over the 25-delta call.

2026-10-30(37 days)ATM 30.08%±15.03skew -0.14
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
11$17.20$18.45—$140.00—————
040$15.60$16.70—$142.00—————
02$14.55$15.85—$143.0031.98%$1.31$1.6772
—————$144.0029.99%$1.16$1.7130
—————$145.0030.28%$1.43$1.93230
—————$146.0030.86%$1.76$2.2351
—————$147.0030.69%$2.00$2.45740
03$10.60$11.95—$148.0029.67%$2.02$2.6652
03$10.20$11.15—$149.0029.91%$2.30$3.0570
06$9.60$10.55—$150.0030.39%$2.81$3.3593
02$7.95$8.85—$152.5030.25%$3.65$4.30301
112$6.55$7.35—$155.00—————
072$5.35$6.0530.10%$157.50—$5.90$6.6540
518$4.15$4.6528.96%$160.00—$7.35$7.9590
16$3.35$4.0029.96%$162.50—$8.95$9.7040
526$2.63$3.2030.04%$165.00—————
06$1.93$2.5429.80%$167.50—$12.05$13.5530
226$1.37$2.0229.66%$170.00—$14.10$15.6510
212$1.04$1.6029.95%$172.50—————
030$0.86$1.2630.59%$175.00—————
01$0.62$1.0230.88%$177.50—————

Forward $156.92. The 25-delta put carries -0.14 volatility points over the 25-delta call.

2026-11-20(58 days)ATM 36.64%±22.82skew +1.82
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0134$55.70$58.75—$100.00—————
016$50.60$53.80—$105.00—————
033$45.90$48.85—$110.00—————
080$41.05$43.95—$115.00—————
0349$36.30$38.80—$120.00—————
0191$31.50$34.40—$125.0040.09%$0.71$0.9387167
0426$27.05$29.85—$130.0039.11%$1.18$1.408930
0569$22.50$25.00—$135.0038.73%$1.92$2.1857518
2280$18.65$20.85—$140.0037.85%$2.94$3.107607
1154$15.50$15.90—$145.0037.76%$4.30$4.6570210
21,228$12.25$12.90—$150.0037.49%$6.10$6.5038211
101,319$9.40$10.00—$155.0036.94%$8.25$8.7029869
431,299$7.20$7.5036.45%$160.00—$10.90$11.4043510
401,126$5.30$5.6036.11%$165.00—$14.05$14.804914
24682$3.85$4.1536.06%$170.00—$17.45$18.401750
19404$2.74$2.9935.93%$175.00—$20.05$22.30220
3562$1.93$2.0835.79%$180.00—$24.35$26.50330
2231$1.31$1.7036.62%$185.00—$28.50$30.9530
3556$0.88$1.2336.74%$190.00—$32.75$35.6020
—————$195.00—$37.40$40.2020
0102$0.38$0.5636.51%$200.00—$42.25$44.9030

Forward $156.23. The 25-delta put carries +1.82 volatility points over the 25-delta call.

2026-12-18(86 days)ATM 35.24%±26.79skew +1.67
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01,706$55.80$58.75—$100.00—————
01,823$51.15$53.90—$105.00—————
11,621$46.25$48.95—$110.0041.63%$0.35$0.501,2010
0697$41.30$44.15—$115.00—————
48,933$36.65$39.05—$120.0037.99%$0.67$0.992,3790
16695$32.30$34.95—$125.0038.74%$1.31$1.618911
131,776$27.70$29.35—$130.0037.38%$1.98$2.076060
1429$23.70$25.95—$135.0036.56%$2.78$2.967362
11,385$20.05$21.30—$140.0035.88%$3.80$4.201,0541
01,010$16.80$17.80—$145.0035.66%$5.40$5.704298
71,236$13.70$14.55—$150.0035.51%$7.30$7.655089
51,081$11.15$11.60—$155.0035.37%$9.60$9.951906
31,963$8.75$9.4035.18%$160.00—$11.95$12.802566
248414$6.85$7.1534.55%$165.00—$15.00$15.752280
6558$5.20$5.5534.30%$170.00—$18.15$19.152220
1499$3.95$4.2034.13%$175.00—$22.25$23.251530
39784$2.99$3.2034.21%$180.00—$25.70$27.35230
22,765$2.24$2.4234.29%$185.00—————
61,067$1.66$2.0535.06%$190.00—$33.25$36.00100
0310$1.16$1.6135.15%$195.00—————
2551$0.85$1.2635.47%$200.00—$42.70$45.3520

Forward $156.62. The 25-delta put carries +1.67 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.