Options Skew Analytics

UPST 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 67.75%±1.24skew -0.63
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
227$5.50$6.25—$19.00—————
02$4.40$5.30—$20.00—————
33$3.50$4.40—$21.00—————
159$3.00$5.00—$21.50—————
1462$2.07$3.10—$22.5078.28%$0.01$0.05639
1317$1.64$2.67—$23.0069.58%$0.03$0.0619646
019$1.18$1.61—$23.5071.42%$0.09$0.1465998
183121$0.85$1.06—$24.0067.83%$0.19$0.23792208
16510$0.53$0.71—$24.5069.15%$0.38$0.421,608271
225274$0.30$0.4266.39%$25.00—$0.64$0.702,177675
105274$0.16$0.2668.46%$25.50—$0.99$1.09336110
4481,056$0.08$0.1367.85%$26.00—$1.34$1.548882,785
1,2451,082$0.05$0.0771.54%$26.50—$1.82$2.04638339
1791,538$0.02$0.0472.99%$27.00—$2.14$2.4829083
3541,849$0.02$0.0587.39%$27.50—$2.42$3.00131
161,344$0.01$0.0389.31%$28.00—$3.15$3.4517317
10207$0.01$0.06109.91%$28.50—$3.55$4.00121
—————$29.00—$3.80$4.50729
—————$29.50—$3.10$5.0530
—————$30.00—$4.20$5.451811
—————$30.50—$4.40$6.1020

Forward $24.72. The 25-delta put carries -0.63 volatility points over the 25-delta call.

2026-10-02(9 days)ATM 60.31%±2.34skew -2.20
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
010$5.30$8.75—$18.00—————
1,5480$3.65$3.90—$21.00—————
2425$2.66$3.15—$22.0057.17%$0.07$0.121193
—————$22.5061.71%$0.16$0.243716
14$1.73$2.21—$23.0059.06%$0.26$0.2912549
—————$23.5058.73%$0.39$0.421546
187$1.24$1.40—$24.0059.14%$0.56$0.61350101
3064$0.96$1.12—$24.5059.95%$0.78$0.8512446
39272$0.73$0.8960.49%$25.00—$1.05$1.20271161
21345$0.55$0.7061.30%$25.50—$1.36$1.489614
207169$0.41$0.4558.72%$26.00—$1.69$1.85161562
3180$0.30$0.3760.92%$26.50—$2.01$2.2353328
1202,089$0.21$0.2861.50%$27.00—$2.36$2.6418981
208102$0.16$0.2364.02%$27.50—$2.72$3.10143
—————$28.00—$3.25$3.559110
—————$29.00—$4.15$4.553013
200134$0.03$0.0968.26%$29.50—$3.55$5.0050
—————$30.00—$5.10$5.50351
—————$31.00—$4.65$6.5050
—————$32.00—$6.20$7.50120
—————$34.00—$7.50$9.4510

Forward $24.73. The 25-delta put carries -2.20 volatility points over the 25-delta call.

2026-10-09(16 days)ATM 58.89%±3.05skew -3.11
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
012$6.30$9.70—$17.00—————
010$4.50$6.70—$20.00—————
—————$20.5061.12%$0.07$0.11133
—————$22.0058.82%$0.23$0.292426
—————$22.5058.08%$0.30$0.4120
—————$23.0057.66%$0.44$0.528434
—————$23.5057.55%$0.60$0.68917
05$1.49$1.72—$24.0059.35%$0.78$0.9623925
01$1.22$1.44—$24.5057.17%$1.01$1.10378
10151$0.98$1.2259.02%$25.00—$1.28$1.435554
10$0.78$1.0259.28%$25.50—$1.57$1.72195
77118$0.64$0.8460.06%$26.00—$1.92$2.0411018
25$0.50$0.6960.24%$26.50—$2.29$2.41412
399$0.38$0.5860.77%$27.00—$2.68$2.81600
04$0.29$0.4760.94%$27.50—$3.00$3.2003
378$0.23$0.3761.23%$28.00—$3.45$3.702515
—————$29.00—$4.15$4.60521
1134$0.09$0.1463.01%$30.00—$4.15$5.5580
—————$31.00—$5.10$6.80530
—————$32.00—$5.55$7.6050
—————$35.00—$8.45$10.5501

Forward $24.74. The 25-delta put carries -3.11 volatility points over the 25-delta call.

2026-10-16(23 days)ATM 58.71%±3.65skew -1.12
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
04$6.15$8.70—$17.50—————
0194$4.65$6.00—$20.00—————
—————$21.5060.37%$0.27$0.39324
—————$22.0058.68%$0.37$0.4594
067$2.67$3.05—$22.5059.03%$0.49$0.6098748
02$2.33$2.59—$23.0058.10%$0.63$0.7311328
01$2.03$2.28—$23.5057.90%$0.80$0.9101
20$1.77$1.95—$24.0057.59%$1.01$1.10981
1871$1.50$1.72—$24.5058.20%$1.24$1.3714111
383,105$1.24$1.4458.67%$25.00—$1.50$1.662,799579
2043$1.07$1.2359.43%$25.50—$1.80$1.95267
31179$0.91$1.0359.57%$26.00—$2.14$2.2833
1034$0.75$0.8859.79%$26.50—————
495$0.62$0.8562.46%$27.00—$2.84$3.0535
2891,016$0.51$0.6260.14%$27.50—$3.10$3.401,3416
277$0.42$0.5260.48%$28.00—$3.40$3.8022
031$0.35$0.4561.41%$28.50—$3.85$4.2530
42923$0.29$0.4764.72%$29.00—$4.05$4.7020
852,286$0.20$0.2562.31%$30.00—$5.45$5.651,61350
142$0.16$0.2463.92%$30.50—————
040$0.14$0.1964.22%$31.00—$4.95$6.65370

Forward $24.76. The 25-delta put carries -1.12 volatility points over the 25-delta call.

2026-10-23(30 days)ATM 59.04%±4.20skew -1.41
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$20.0059.02%$0.16$0.20689
—————$21.0059.12%$0.28$0.38672
04$3.00$3.65—$22.0060.42%$0.47$0.691046
121$2.49$2.79—$23.0059.18%$0.75$0.9813118
03$1.92$2.21—$24.0058.61%$1.14$1.37228272
21227$1.45$1.7259.09%$25.00—$1.64$1.9038458
5236$1.00$1.3358.45%$26.00—$2.26$2.50900
2127$0.70$1.0058.50%$27.00—$2.97$3.20110
6143$0.60$0.7761.82%$28.00—$3.75$3.95181
6467$0.37$0.5961.19%$29.00—$4.30$4.8561
—————$30.00—$4.45$6.80541
—————$31.00—$6.30$6.6563
—————$32.00—$5.65$7.9010
—————$33.00—$6.40$8.8540
—————$34.00—$7.90$9.6510
—————$37.00—$10.30$14.25100
—————$40.00—$13.30$16.6510

Forward $24.81. The 25-delta put carries -1.41 volatility points over the 25-delta call.

2026-11-20(58 days)ATM 72.55%±7.19skew -2.39
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$9.60$11.90—$15.00—————
—————$17.5074.49%$0.29$0.4213100
01$5.50$6.05—$20.0071.15%$0.73$0.8654110
—————$22.5070.27%$1.51$1.7125212
150448$2.64$2.9372.65%$25.00—$2.69$3.1530732
10893$1.75$1.9572.30%$27.50—$4.35$4.556170
83159$1.12$1.2872.15%$30.00—$6.15$6.45251
6076$0.74$0.8272.66%$32.50—$8.00$8.5540
768$0.46$0.5773.64%$35.00—————

Forward $24.86. The 25-delta put carries -2.39 volatility points over the 25-delta call.

2026-12-18(86 days)ATM 68.05%±8.27skew +1.08
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
042$9.90$11.40—$15.0072.05%$0.16$0.261,01942
073$7.75$9.30—$17.5070.55%$0.44$0.632712
090$5.70$7.60—$20.0070.10%$1.11$1.17790110
2563$4.30$4.65—$22.5071.43%$2.01$2.2572947
35213$3.15$3.40—$25.0068.03%$3.10$3.3584864
76784$2.26$2.4168.06%$27.50—$4.85$4.9539816
3462,027$1.56$1.6667.41%$30.00—$6.65$6.851,785293
641,223$1.00$1.3569.02%$32.50—$8.45$8.801,37053
662,309$0.81$0.9170.36%$35.00—$10.40$11.002730
38368$0.53$0.6970.76%$37.50—$11.50$13.301740
931,944$0.44$0.6475.39%$40.00—$14.05$15.655051
—————$42.50—$17.55$18.20763
351,238$0.25$0.3376.02%$45.00—$19.25$20.501770
—————$47.50—$20.80$24.60260
161,163$0.15$0.2178.38%$50.00—$23.35$27.101780

Forward $25.05. The 25-delta put carries +1.08 volatility points over the 25-delta call.

2027-01-15(114 days)ATM 68.02%±9.52skew +0.01
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
096$10.05$12.05—$15.00—————
1587$8.05$9.00—$17.5066.99%$0.60$0.786,2430
2649$6.25$6.70—$20.0068.26%$1.41$1.451,43845
2446$4.65$5.30—$22.5067.48%$2.36$2.4299531
1942,208$3.65$3.85—$25.0068.06%$3.65$3.756,69558
116730$2.72$2.9168.00%$27.50—$5.05$5.309,9954
2713,268$2.02$2.1467.68%$30.00—$7.00$7.102,43298
341,173$1.36$1.7467.95%$32.50—$8.50$9.1038110
392,035$1.10$1.2168.25%$35.00—$10.60$11.252,7340
83,022$0.71$0.9167.18%$37.50—$12.80$13.454140
602,168$0.67$0.7370.53%$40.00—$15.20$15.804303
61,472$0.53$0.7574.46%$42.50—$16.65$18.156170
42,035$0.40$0.4772.37%$45.00—$19.00$20.553,7650
—————$47.50—$21.45$23.051560
04,577$0.22$0.3674.59%$50.00—$24.20$25.701,1021
—————$52.50—$25.80$29.60361
—————$55.00—$28.25$32.101290
103557$0.17$0.2580.54%$57.50—————
—————$60.00—$33.25$37.20417
—————$62.50—$35.75$39.602130
—————$65.00—$38.20$42.103450

Forward $25.05. The 25-delta put carries +0.01 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.