Options Skew Analytics

TRGP option chain

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

Data as of 23 September 2026 (end of day)

2026-10-16(23 days)ATM 31.90%±22.82skew +1.35
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$127.00$131.10—$155.00—————
01$102.30$106.20—$180.00—————
010$92.30$96.30—$190.00—————
04$82.50$86.20—$200.00—————
03$72.40$76.20—$210.00—————
02$62.40$66.60—$220.00—————
045$52.50$56.50—$230.00—————
0138$43.30$46.60—$240.00—————
0112$34.10$37.00—$250.00—————
074$25.40$27.60—$260.0033.31%$1.35$1.801783
018$17.40$19.00—$270.0032.15%$2.95$3.802890
025$10.80$12.50—$280.0031.86%$6.10$7.40411
064$6.00$7.7031.93%$290.00—$11.30$12.70322
4391$3.00$3.8030.79%$300.00—$18.40$19.7070
21725$1.45$2.2032.15%$310.00—$25.40$27.9020

Forward $284.91. The 25-delta put carries +1.35 volatility points over the 25-delta call.

2026-11-20(58 days)ATM 34.05%±38.73skew -0.43
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$73.00$76.80—$210.00—————
—————$240.0036.07%$1.70$2.4593
—————$250.0035.02%$3.00$3.8013531
026$29.50$31.70—$260.0034.14%$4.90$5.90110
042$22.60$25.00—$270.0034.01%$7.80$9.20220
01$17.00$19.20—$280.0033.76%$11.80$13.30140
9598$12.10$14.5034.11%$290.00—$17.00$18.80330
2102$8.50$10.7034.23%$300.00—$23.30$25.50270
3533$6.00$7.7034.56%$310.00—————
0145$3.90$5.5034.57%$320.00—————
857$2.35$3.9034.49%$330.00—————

Forward $285.37. The 25-delta put carries -0.43 volatility points over the 25-delta call.

2026-12-18(86 days)ATM 33.63%±46.79skew +0.73
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
05$108.30$111.50—$175.00—————
06$102.60$106.60—$180.00—————
012$97.80$101.60—$185.00—————
06$92.80$96.70—$190.00—————
04$88.40$91.90—$195.00—————
041$83.70$87.10—$200.00—————
016$74.00$77.50—$210.00—————
021$64.80$68.00—$220.00—————
021$55.90$59.10—$230.00—————
070$47.80$50.40—$240.0035.46%$2.90$4.10360
0204$39.80$42.30—$250.0035.11%$4.60$6.20201
091$32.40$34.90—$260.0034.39%$6.90$8.70240
164$25.80$28.10—$270.0033.76%$10.20$11.70230
095$20.10$22.90—$280.0033.61%$14.30$16.00250
0126$15.70$18.2033.64%$290.00—$19.40$21.201171
0558$11.30$13.8032.79%$300.00—$25.10$27.704160
1110$8.80$10.9033.71%$310.00—$32.00$34.7080
0120$6.30$8.3033.67%$320.00—$39.70$42.6010
0733$4.30$6.3033.57%$330.00—————
11,097$3.10$4.7033.81%$340.00—————
016$2.00$3.2033.18%$350.00—————

Forward $286.62. The 25-delta put carries +0.73 volatility points over the 25-delta call.

2027-01-15(114 days)ATM 32.80%±52.59skew +1.00
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$103.90$107.20—$180.00—————
08$98.70$102.30—$185.00—————
06$84.40$88.00—$200.00—————
05$74.90$78.60—$210.00—————
010$66.50$69.30—$220.00—————
02$57.70$60.50—$230.0035.60%$2.55$4.20410
057$49.20$52.30—$240.0035.64%$3.90$6.50180
08$41.30$44.60—$250.0034.74%$5.60$8.80140
049$34.60$37.40—$260.0033.86%$8.40$11.10200
079$28.20$31.30—$270.0033.56%$11.80$14.70180
092$22.30$25.90—$280.0032.80%$16.10$18.30230
065$17.50$21.1032.80%$290.00—$21.30$23.40900
0375$13.60$17.0032.78%$300.00—$27.00$29.501450
0173$10.20$13.7032.72%$310.00—————
022$8.00$10.8032.99%$320.00—————
020$5.80$8.5032.87%$330.00—————
032$4.00$6.6032.59%$340.00—————
029$3.10$5.0032.81%$350.00—————

Forward $286.91. The 25-delta put carries +1.00 volatility points over the 25-delta call.

2027-03-19(177 days)ATM 32.78%±65.91skew +1.28
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$118.80$122.50—$165.00—————
02$104.90$108.00—$180.00—————
01$91.10$94.00—$195.00—————
052$86.50$89.50—$200.00—————
06$68.50$72.00—$220.00—————
015$60.90$63.90—$230.0035.04%$4.50$7.1020
0163$52.90$56.20—$240.0034.66%$6.40$9.40200
082$45.80$49.00—$250.0033.89%$8.60$11.90210
0247$39.20$42.70—$260.0033.60%$11.90$14.9030
0123$33.80$36.60—$270.0033.35%$15.60$18.70170
042$28.90$31.00—$280.0033.18%$20.40$22.7030
013$23.80$26.8032.96%$290.00—$25.30$27.70113
099$19.80$22.2032.69%$300.00—$31.10$33.3032
028$16.40$18.3032.56%$310.00—$37.60$40.3035
092$13.20$15.8032.81%$320.00—————
028$10.40$12.9032.43%$330.00—————
06$8.30$10.9032.60%$340.00—————
04$6.20$8.6031.95%$350.00—————
02$5.10$6.3031.51%$360.00—————
22$3.70$5.7031.88%$370.00—————
—————$410.00—$124.40$128.4001

Forward $288.77. The 25-delta put carries +1.28 volatility points over the 25-delta call.

2027-06-17(267 days)ATM 32.97%±81.90skew +1.97
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$230.0034.31%$7.00$10.70100
02$58.20$61.90—$240.0034.11%$9.70$13.2050
03$51.60$55.40—$250.00—————
010$45.50$49.10—$260.0033.45%$16.30$19.3010
01$39.80$43.00—$270.00—————
011$34.80$38.10—$280.00—————
—————$290.0033.12%$30.10$32.8010
013$26.10$29.3033.02%$300.00—————
016$22.40$25.2032.76%$310.00—————
011$19.10$22.2032.85%$320.00—————
032$16.20$18.5032.36%$330.00—————
—————$340.00—$63.00$66.2010
010$11.10$14.2032.30%$350.00—————
06$9.30$12.0032.15%$360.00—————
01$5.70$8.7031.47%$380.00—————
—————$410.00—$124.70$128.1010

Forward $290.45. The 25-delta put carries +1.97 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.