Options Skew Analytics

UAL option chain

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

Data as of 23 September 2026 (end of day)

2026-10-02(9 days)ATM 46.34%±8.10skew -0.88
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$10.30$12.60—$101.00—————
14$9.25$11.70—$102.0044.76%$0.31$0.46109
01$7.40$10.00—$104.00—————
011$6.70$9.20—$105.0045.46%$0.73$1.0725673
1444$6.10$6.90—$106.0045.51%$0.90$1.38952
057$5.30$5.95—$107.0046.01%$1.20$1.70794
7912$4.65$5.45—$108.0046.99%$1.65$2.0321424
0429$4.15$4.70—$109.0047.54%$1.96$2.5514818
5670$3.65$4.05—$110.0046.92%$2.49$2.7926523
50150$3.05$3.70—$111.0046.34%$2.75$3.403012
2178$2.65$3.1546.34%$112.00—$3.50$3.90475
21278$2.14$2.6945.49%$113.00—$4.15$4.5543532
50910$1.89$2.3746.89%$114.00—$4.50$5.105044
25202$1.56$1.9646.37%$115.00—$4.95$5.95627
4322$1.28$1.6946.66%$116.00—$5.90$6.402341
8274$1.06$1.3746.38%$117.00—$6.35$7.50380
62144$0.79$1.2346.62%$118.00—$7.10$8.0043
051$0.68$0.9746.64%$119.00—$7.40$9.10110
—————$120.00—$7.95$9.701725
—————$121.00—$8.30$10.6010
—————$122.00—$9.25$11.40200

Forward $111.30. The 25-delta put carries -0.88 volatility points over the 25-delta call.

2026-10-09(16 days)ATM 53.49%±12.48skew +1.78
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$11.25$13.70—$101.0053.65%$0.97$1.53666
01$10.30$12.90—$102.0053.35%$1.17$1.73210
—————$103.0053.44%$1.38$2.02790
012$8.90$10.00—$104.0054.14%$1.86$2.1923610
023$8.40$8.85—$105.0054.02%$2.16$2.4842927
117128$7.75$8.55—$106.0052.87%$2.21$2.913444
017$7.15$7.55—$107.0053.32%$2.57$3.351202
061$6.40$6.95—$108.0053.84%$3.25$3.55942
19711$5.95$6.75—$109.0052.41%$3.35$4.051011
1489$5.50$5.90—$110.0054.51%$4.20$4.50290
1858$4.95$5.70—$111.0055.13%$4.65$5.15380
550$4.50$4.9053.51%$112.00—$5.20$5.60302
14780$4.10$4.4053.43%$113.00—$5.75$6.10130
010$3.60$4.4055.19%$114.00—$6.00$6.7090
2761$3.30$3.6553.64%$115.00—$6.60$7.45332
0290$2.82$3.6554.91%$116.00—$7.25$7.9510
12177$2.51$2.9752.97%$117.00—$7.90$8.7010
113$2.23$2.6252.75%$118.00—$8.70$9.5020
0131$1.88$2.3852.43%$119.00—$9.30$10.0590
2552$1.67$2.0952.36%$120.00—$10.00$10.90400
714$1.45$1.8752.36%$121.00—$10.75$11.9040

Forward $111.43. The 25-delta put carries +1.78 volatility points over the 25-delta call.

2026-10-16(23 days)ATM 53.81%±15.04skew +0.48
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
03$12.05$12.85—$101.0052.16%$1.73$1.9377
12$11.20$12.15—$102.0053.98%$2.04$2.452310
02$10.45$11.40—$103.0053.45%$2.20$2.78220
02$9.80$10.70—$104.0053.92%$2.60$3.10723
0204$9.15$10.00—$105.0051.63%$2.94$3.002,074156
01$8.40$9.35—$106.0053.55%$3.30$3.75251
02$7.95$8.75—$107.0051.67%$3.30$4.1510
02$7.35$8.15—$108.0053.86%$4.10$4.6550
02$6.70$7.55—$109.0054.10%$4.60$5.101170
1032,523$6.20$6.90—$110.0053.17%$5.05$5.403,2591,013
019$5.80$6.55—$111.0054.05%$5.55$6.10421
019$5.35$6.0553.99%$112.00—$5.60$6.50288
721$5.00$5.4053.46%$113.00—$6.20$7.002090
468$4.45$5.2053.84%$114.00—$6.75$7.60231
6274,031$4.00$4.5552.39%$115.00—$7.35$8.157063
137$3.65$4.4053.45%$116.00—$8.00$8.85120
4218$3.30$4.0553.37%$117.00—$8.60$9.65610
48457$3.05$3.7553.80%$118.00—$9.25$10.0530
3605$2.70$3.4553.53%$119.00—$9.95$10.752300
64535,985$2.50$2.8852.42%$120.00—$10.65$11.7049111
14852$2.13$2.8552.97%$121.00—$11.40$12.301050

Forward $111.35. The 25-delta put carries +0.48 volatility points over the 25-delta call.

2026-10-23(30 days)ATM 53.47%±17.13skew +1.56
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$12.00$13.20—$102.0052.45%$2.19$3.15390
—————$103.0051.84%$2.48$3.3510
—————$104.0053.23%$2.84$3.95440
—————$105.0054.52%$3.75$4.05222
07$9.45$10.25—$106.0054.65%$4.10$4.50100
04$8.90$9.70—$107.0054.37%$4.50$4.85160
22144$8.35$8.80—$108.0054.32%$4.95$5.2522
036$7.70$8.80—$109.0052.87%$4.80$5.9561
08$7.25$8.05—$110.0052.06%$5.25$6.25220
021$6.75$7.80—$111.0052.66%$5.80$6.85151
06$6.25$6.7552.09%$112.00—$6.25$7.3031
048$5.85$6.6053.47%$113.00—$6.80$7.8053
017$5.30$6.3053.49%$114.00—$7.35$8.5070
140$5.00$5.4552.14%$115.00—$7.95$9.1531
01$4.55$5.6554.19%$116.00—$8.55$9.7030
020$4.20$5.0553.29%$117.00—$9.20$10.4060
018$3.80$4.9053.83%$118.00—————
044$3.45$4.5553.60%$119.00—————
0228$3.25$4.1053.41%$120.00—$11.15$12.2530
01$2.86$3.8553.09%$121.00—————
121$2.54$3.1550.89%$122.00—$12.85$13.8550

Forward $111.72. The 25-delta put carries +1.56 volatility points over the 25-delta call.

2026-10-30(37 days)ATM 51.01%±18.19skew -0.36
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$99.0050.56%$1.66$2.6430
03$13.75$15.15—$100.0053.17%$2.16$3.20240
01$11.80$12.75—$103.0050.60%$2.75$3.85130
—————$104.0051.49%$3.30$4.2040
07$10.45$11.75—$105.0051.77%$3.60$4.70316
013$9.90$11.10—$106.00—————
035$9.25$10.30—$107.0050.65%$4.20$5.4040
02$8.85$9.95—$108.0051.17%$4.75$5.8505
02$8.10$9.40—$109.0051.33%$5.05$6.5010
4460$7.75$8.70—$110.0050.96%$5.55$6.85322
54$7.20$8.40—$111.00—————
28$6.75$7.9051.79%$112.00—————
02$6.20$7.3050.94%$113.00—————
024$5.85$6.8551.17%$114.00—$7.65$9.0510
527$5.50$6.5051.61%$115.00—$8.40$9.5510
50$5.00$6.2551.73%$116.00—————
033$4.65$5.5550.64%$117.00—————
01$4.25$5.5051.55%$118.00—$10.10$11.55383
059$3.90$4.9550.70%$119.00—————
3027$3.70$4.8051.73%$120.00—————
0106$3.35$4.3550.95%$121.00—————

Forward $111.99. The 25-delta put carries -0.36 volatility points over the 25-delta call.

2026-11-20(58 days)ATM 48.57%±21.62skew +2.02
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
038$40.90$43.90—$70.00—————
023$36.45$38.55—$75.00—————
820$31.85$33.80—$80.0052.23%$0.36$0.5429520
06$29.45$31.95—$82.50—————
01$27.00$29.15—$85.0049.70%$0.57$0.903710
—————$87.5049.37%$0.76$1.233921
06$22.85$24.75—$90.0048.50%$1.00$1.5583226
025$20.65$23.25—$92.5048.84%$1.41$2.061441
026$18.70$20.80—$95.0049.75%$2.22$2.513819
032$16.85$18.05—$97.5047.88%$2.48$3.055717
15240$15.25$16.20—$100.0049.20%$3.55$3.8086941
10357$11.75$12.90—$105.0049.05%$5.35$5.603,71410
14311$9.10$9.70—$110.0048.82%$7.55$7.9081311
58822$6.90$7.3548.50%$115.00—$10.15$10.551,15341
4012,386$5.10$5.5048.29%$120.00—$12.75$13.657547
806,648$3.70$3.9547.84%$125.00—$16.10$17.20239100
16515$2.52$2.8147.18%$130.00—$19.95$21.35590
8970$1.75$1.9947.12%$135.00—$23.10$25.55160
41,057$1.16$1.4647.25%$140.00—$27.55$29.85110
—————$145.00—$32.10$34.5530
—————$150.00—$36.95$39.3550

Forward $111.69. The 25-delta put carries +2.02 volatility points over the 25-delta call.

2026-12-18(86 days)ATM 46.17%±25.17skew +2.80
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0226$37.25$39.15—$75.00—————
028$34.70$37.30—$77.50—————
0112$32.40$35.10—$80.00—————
087$30.00$32.80—$82.5049.96%$0.92$1.303871
047$27.95$30.20—$85.0049.99%$1.29$1.6227427
0115$26.15$28.50—$87.5049.05%$1.53$2.007030
0389$23.90$26.50—$90.0048.64%$2.08$2.301,0057
0107$21.85$24.00—$92.5049.31%$2.67$3.001,2981
0299$20.20$20.85—$95.0048.92%$3.30$3.552,1066
0199$18.50$19.55—$97.5048.55%$3.95$4.256420
2425$16.80$17.80—$100.0048.25%$4.75$5.008746
0315$13.50$14.55—$105.0047.54%$6.50$6.8556280
1412$11.00$11.35—$110.0046.93%$8.75$9.00746204
1417$8.55$9.0046.18%$115.00—$10.85$11.901,1450
6901$6.65$7.0545.92%$120.00—$13.85$14.957580
1031,096$5.05$5.4045.44%$125.00—$17.40$18.255501
1011,756$3.70$4.0544.75%$130.00—$20.70$22.203330
21496$2.72$3.4545.75%$135.00—$24.70$26.402800
11,648$1.79$2.3043.80%$140.00—$28.15$30.551190
0261$1.49$2.1246.29%$145.00—$33.10$34.951170
—————$150.00—$37.20$39.70130

Forward $112.32. The 25-delta put carries +2.80 volatility points over the 25-delta call.

2027-01-15(114 days)ATM 45.62%±28.78skew +3.26
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01,460$37.70$40.30—$75.00—————
0102$35.40$38.05—$77.5050.17%$0.88$1.269520
0459$33.40$35.90—$80.0050.00%$1.13$1.602,5635
0100$31.35$32.95—$82.5050.31%$1.33$2.219490
0497$29.10$31.60—$85.0049.60%$1.66$2.584300
0179$27.05$29.00—$87.5048.00%$2.06$2.733212
1492$25.20$27.60—$90.0048.71%$2.96$3.151,01310
0700$23.40$25.70—$92.5048.45%$3.55$3.755150
0560$21.40$22.95—$95.0048.35%$4.20$4.501,4080
0106$19.80$21.15—$97.5048.10%$5.00$5.201,51718
5770$18.10$19.45—$100.0047.82%$5.85$6.003,38420
0375$15.05$16.30—$105.0047.72%$7.80$8.051,61920
51,107$12.40$13.50—$110.0048.68%$10.05$11.001,3861
261,112$10.20$10.7045.83%$115.00—$12.00$13.051,8630
261,613$8.20$8.6545.39%$120.00—$14.95$16.251,5250
61,623$6.55$7.0045.24%$125.00—$18.20$19.603800
02,431$5.15$6.0045.86%$130.00—$21.70$23.353200
51,324$4.05$4.4544.87%$135.00—$25.50$27.001170
11,875$3.20$3.5044.84%$140.00—$29.55$31.057732
01,454$2.49$2.7544.78%$145.00—$33.15$35.851140
21,406$1.85$2.5845.91%$150.00—$37.60$39.952680

Forward $112.90. The 25-delta put carries +3.26 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.