Options Skew Analytics

TRGP option chain

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

Data as of 9 November 2026 (end of day)

2026-12-18(39 days)ATM 34.34%±30.77skew +3.08
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$121.60$125.90—$150.00—————
01$106.60$111.00—$165.00—————
01$91.70$96.10—$180.00—————
012$86.80$91.10—$185.00—————
02$76.90$81.10—$195.00—————
06$72.00$76.20—$200.00—————
08$62.50$66.00—$210.00—————
010$52.80$56.00—$220.00—————
08$43.50$46.90—$230.00—————
053$34.50$37.60—$240.0037.57%$1.80$2.65397
0201$26.10$28.90—$250.0036.01%$3.40$4.20368
190$19.70$21.60—$260.0034.61%$5.60$6.908112
154$13.50$15.30—$270.0034.67%$9.30$11.30250
95189$8.80$10.2033.95%$280.00—$14.60$16.40440
47157$5.40$6.1032.90%$290.00—$21.30$23.101340
61,090$3.20$3.7032.93%$300.00—$28.10$30.904270
7535$1.80$2.1532.97%$310.00—$36.70$39.9080
6154$0.80$1.3032.79%$320.00—$45.80$48.6010

Forward $274.12. The 25-delta put carries +3.08 volatility points over the 25-delta call.

2027-01-15(67 days)ATM 33.84%±39.75skew +2.73
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$92.50$96.70—$180.00—————
09$73.20$76.70—$200.00—————
05$63.70$67.20—$210.00—————
010$54.40$57.70—$220.00—————
02$45.40$48.70—$230.0036.29%$1.90$3.10381
056$37.00$40.40—$240.0035.64%$3.20$5.00210
0147$29.20$32.80—$250.0034.88%$5.20$7.50240
038$22.00$25.50—$260.0034.21%$8.50$10.40220
055$15.90$19.40—$270.0033.58%$12.20$14.80370
090$12.50$13.9033.90%$280.00—$17.30$19.50240
292$8.60$9.9033.22%$290.00—$22.90$26.10920
0397$5.60$6.5032.15%$300.00—$29.70$32.801540
0138$3.80$4.5032.42%$310.00—$37.70$41.3050
0127$2.10$2.9031.56%$320.00—$46.80$50.0010

Forward $274.18. The 25-delta put carries +2.73 volatility points over the 25-delta call.

2027-03-19(130 days)ATM 33.86%±55.66skew +2.13
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$132.30$136.50—$140.00—————
01$122.60$126.60—$150.00—————
01$117.50$121.30—$155.00—————
02$112.60$116.80—$160.00—————
01$107.70$111.90—$165.00—————
02$93.50$97.20—$180.00—————
01$79.50$83.10—$195.00—————
052$74.90$78.40—$200.00—————
06$57.50$61.00—$220.00—————
015$49.40$52.80—$230.0036.37%$4.70$7.5020
0163$41.80$45.10—$240.0035.80%$6.90$10.00230
057$34.80$38.40—$250.0035.27%$9.80$13.00290
0247$28.30$31.50—$260.0034.75%$13.40$16.6060
094$22.80$25.90—$270.0034.20%$17.70$20.80170
045$18.70$21.1033.91%$280.00—$22.90$25.8030
030$14.70$16.6033.33%$290.00—$28.70$31.40140
8121$11.30$12.8032.75%$300.00—$35.20$37.304111
066$8.60$9.9032.47%$310.00—$42.50$44.8080
0155$6.50$9.0033.67%$320.00—————
031$4.80$6.7033.15%$330.00—————
08$3.40$5.1032.82%$340.00—————

Forward $275.48. The 25-delta put carries +2.13 volatility points over the 25-delta call.

2027-06-17(220 days)ATM 33.42%±71.81skew +2.52
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$210.0036.75%$4.70$7.1070
—————$230.0035.99%$9.00$11.80100
02$47.50$50.60—$240.0035.55%$11.90$14.70210
03$40.80$44.10—$250.00—————
099$35.30$38.00—$260.0034.57%$19.10$21.9040
011$29.70$32.80—$270.0033.99%$23.50$26.1090
052$25.30$27.7033.46%$280.00—$28.60$30.7050
10$21.70$23.3033.39%$290.00—$34.00$36.7020
128$18.10$19.7033.21%$300.00—————
016$15.00$16.5033.01%$310.00—————
020$12.30$14.3033.16%$320.00—————
056$10.00$12.0033.03%$330.00—————
—————$340.00—$69.50$73.1010
022$4.70$7.5030.57%$350.00—————
19$5.30$6.0031.97%$360.00—————
097$3.10$3.9031.43%$380.00—————

Forward $276.77. The 25-delta put carries +2.52 volatility points over the 25-delta call.

2027-09-17(312 days)ATM 33.59%±86.36skew +3.23
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
08$92.50$97.20—$185.00—————
02$80.50$84.70—$200.00—————
—————$210.0035.74%$7.10$9.70100
—————$220.0035.44%$9.40$12.20240
02$52.00$56.20—$240.0034.91%$15.40$18.4050
—————$250.0034.52%$19.10$21.9050
06$40.60$44.90—$260.0034.10%$23.20$25.8010
02$35.20$40.00—$270.00—————
022$30.50$34.7033.92%$280.00—$33.00$35.9010
010$27.60$29.3033.69%$290.00—$38.20$40.90100
045$22.80$25.7033.00%$300.00—$43.50$47.50140
02$20.50$21.9033.08%$310.00—————
018$17.50$18.9032.84%$320.00—————
03$14.70$16.1032.45%$330.00—————
08$11.00$13.9031.48%$340.00—————
027$9.90$11.7031.68%$350.00—————
01$8.80$10.0031.92%$360.00—$88.70$92.5010
065$5.50$8.6030.51%$370.00—————
13$3.80$5.4031.28%$400.00—————

Forward $278.08. The 25-delta put carries +3.23 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.