Options Skew Analytics

USO 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 55.97%±6.17skew +4.33
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
381,431$8.30$10.00—$140.0065.91%$0.32$0.3711,5142,292
2637$6.85$9.70—$141.0064.28%$0.42$0.44420511
5585$7.00$7.95—$142.0063.82%$0.55$0.581,944632
77204$6.50$7.00—$143.0062.23%$0.69$0.71712865
131351$5.15$6.15—$144.0060.78%$0.85$0.89709510
326835$4.45$5.65—$145.0059.43%$1.06$1.103,0072,495
312400$4.10$4.70—$146.0059.00%$1.30$1.44506734
3,398752$3.45$3.70—$147.0057.39%$1.64$1.692,2341,384
2,0461,105$2.87$3.25—$148.0056.83%$2.04$2.08564676
1,338459$2.36$2.4855.99%$149.00—$2.49$2.52489311
10,3714,571$1.92$1.9855.62%$150.00—$2.85$3.353,381139
1,0031,892$1.53$1.6055.76%$151.00—————
603663$1.16$1.2354.76%$152.00—$3.80$4.8057118
220251$1.05$1.0955.24%$152.50—————
6942,440$0.91$0.9655.10%$153.00—————
1,095766$0.68$0.7455.03%$154.00—$5.40$6.7530457
1,2751,295$0.52$0.5454.95%$155.00—$6.30$6.954,21953
6654,240$0.38$0.4155.14%$156.00—$7.25$7.701,84626
398895$0.29$0.3356.30%$157.00—$7.65$9.6095231
24530$0.25$0.3056.91%$157.50—$8.10$9.158111
331871$0.21$0.2656.98%$158.00—$8.70$10.1532036

Forward $148.91. The 25-delta put carries +4.33 volatility points over the 25-delta call.

2026-09-30(7 days)ATM 50.22%±10.36skew +1.49
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
210$10.60$12.75—$138.0059.60%$0.90$1.35814427
1322$9.75$10.60—$140.0055.45%$1.22$1.394,2051,077
20$8.90$10.25—$141.00—————
13$8.15$9.25—$142.0053.52%$1.64$1.71284165
416$7.45$8.30—$143.0052.48%$1.82$1.96385228
8177$6.80$7.65—$144.0056.12%$2.18$2.76558712
341486$6.20$7.25—$145.0052.22%$2.45$2.621,427357
123220$5.65$6.25—$146.0052.23%$2.85$2.99549203
41158$4.90$5.60—$147.0057.31%$3.25$4.25574276
291104$4.45$4.95—$148.0047.94%$3.10$3.8036365
509479$4.00$4.45—$149.00—$4.15$4.3021118
493444$3.65$3.8050.97%$150.00—$4.55$5.0050130
378274$3.25$3.3551.02%$151.00—$5.10$5.7019124
262195$2.85$2.9550.94%$152.00—$5.65$7.002147
168635$2.50$2.5950.97%$153.00—$6.10$7.108619
2861,060$2.12$3.2557.09%$154.00—$7.00$8.253219
2,5112,097$1.91$1.9751.11%$155.00—$7.55$8.355412
160431$1.65$1.7251.20%$156.00—$8.25$9.702212
113212$1.28$1.7352.03%$157.00—$8.25$10.60106
138409$1.06$1.5151.86%$158.00—$9.95$11.20438
—————$159.00—$10.55$12.25521

Forward $149.00. The 25-delta put carries +1.49 volatility points over the 25-delta call.

2026-10-02(9 days)ATM 52.74%±12.34skew -1.34
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
11925$9.15$11.20—$140.0054.83%$1.66$1.773,355835
1183$9.45$10.30—$141.0054.18%$1.90$1.96703312
1555$8.95$9.50—$142.0054.03%$2.01$2.405,286412
59105$8.20$8.95—$143.0053.96%$2.25$2.78299422
2172$7.15$8.35—$144.0056.02%$2.77$3.30780283
221888$7.00$7.45—$145.0052.97%$3.10$3.204,016386
57123$6.40$6.70—$146.0052.92%$3.50$3.60356162
34153$5.65$6.15—$147.0053.06%$3.90$4.10258364
571208$5.25$5.65—$148.0052.58%$4.35$4.50427246
303303$4.65$5.1052.57%$149.00—$4.85$5.0029739
7911,707$4.40$4.5053.00%$150.00—$5.35$5.60921217
192283$3.95$4.1053.10%$151.00—$5.80$6.302883
226156$3.15$3.7050.94%$152.00—$6.35$7.2525928
326102$3.20$3.5052.19%$152.50—$6.20$8.15691
35299$3.10$4.3058.10%$153.00—$6.95$8.301811
209742$2.40$2.9650.50%$154.00—$7.50$8.707091
518692$2.57$2.6553.32%$155.00—$8.35$9.601,094124
172625$2.29$2.3753.43%$156.00—$8.80$10.452671
88973$1.97$2.1253.16%$157.00—$9.75$10.4014510
117289$1.91$2.0053.58%$157.50—$9.20$11.55440
81379$1.62$2.3555.52%$158.00—$10.00$12.05341

Forward $148.95. The 25-delta put carries -1.34 volatility points over the 25-delta call.

2026-10-07(14 days)ATM 50.84%±14.84skew -0.48
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$10.60$12.15—$140.0052.62%$2.31$2.65300
01$9.45$12.00—$141.0052.25%$2.55$2.941813
016$9.60$10.85—$142.0052.71%$2.93$3.30144
10$8.95$9.75—$143.0051.37%$3.20$3.451827
—————$144.0052.09%$3.60$3.9553
—————$145.0050.73%$3.90$4.15190
40$6.95$7.95—$146.0051.63%$4.30$4.801323
145$6.60$7.25—$147.0050.74%$4.70$5.1077
1020$5.45$7.70—$148.0052.23%$5.20$5.9005
821$5.60$6.40—$149.00—————
326$5.10$5.7550.59%$150.00—————
353$4.55$5.1049.21%$151.00—$6.70$7.6560
30$4.40$4.9051.28%$152.00—————
70$3.85$4.6050.96%$153.00—$7.85$9.3001
31$3.25$4.0549.07%$154.00—————
334$3.25$3.7550.77%$155.00—$9.10$10.1003
04$3.00$3.5051.39%$156.00—$9.85$11.3503
—————$157.00—$10.45$11.1503
151$2.20$3.1551.33%$158.00—$11.30$12.7010
—————$159.00—$11.65$13.5010
266$2.17$2.5453.10%$160.00—$12.85$14.2081

Forward $149.03. The 25-delta put carries -0.48 volatility points over the 25-delta call.

2026-10-09(16 days)ATM 51.35%±16.01skew -2.13
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
4253$10.95$12.15—$140.0050.53%$2.55$2.75730463
1292$10.50$11.50—$141.0049.01%$2.55$3.0535088
2140$9.95$10.80—$142.0050.13%$3.15$3.35176137
658$9.40$10.00—$143.0050.06%$3.50$3.70142125
021$8.75$9.85—$143.5048.64%$3.35$3.9061713
7118$8.80$9.40—$144.0050.00%$3.85$4.10282199
58527$8.00$8.70—$145.0049.94%$4.25$4.50517232
7173$7.55$8.25—$146.0049.46%$4.60$4.9035098
34179$7.15$7.60—$147.0050.42%$5.20$5.4536960
73169$6.50$7.10—$148.0050.33%$5.70$5.9042227
165258$5.85$6.5550.45%$149.00—$6.15$6.5011925
1851,359$5.75$6.0051.56%$150.00—$6.60$7.0535627
80116$5.30$5.6051.66%$151.00—$6.45$8.052070
151229$5.00$5.1551.98%$152.00—$7.75$8.251610
9046$4.80$4.9551.96%$152.50—$8.00$8.60380
52300$4.20$4.8050.46%$153.00—$8.30$9.602800
13073$3.90$4.4550.80%$154.00—$8.90$9.951092
145398$3.80$4.1051.80%$155.00—$9.40$10.402053
8899$3.60$3.8052.44%$156.00—$10.35$11.45540
94393$3.35$3.5052.70%$157.00—$11.05$11.701481
127112$3.20$3.3552.66%$157.50—$11.25$12.15273

Forward $148.87. The 25-delta put carries -2.13 volatility points over the 25-delta call.

2026-10-16(23 days)ATM 51.08%±19.12
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
685,428$12.40$13.00—$140.0050.67%$3.60$3.708,3242,284
5443$11.05$12.55—$141.0050.16%$3.80$4.05314277
24339$11.25$11.65—$142.0051.74%$4.15$4.85585129
21232$10.05$11.25—$143.0050.20%$4.60$4.7580232
24660$9.90$10.50—$144.0050.18%$5.00$5.15187122
1213,615$9.45$9.80—$145.0050.00%$5.35$5.605,344567
35352$8.75$9.35—$146.0050.20%$5.85$6.0569045
33257$8.20$8.80—$147.0050.24%$6.35$6.50426140
59895$7.90$8.25—$148.0050.14%$6.80$7.001,099498
99788$7.40$7.65—$149.0050.24%$7.35$7.5028774
4686,234$7.00$7.4051.18%$150.00—$7.90$8.003,943152
34514,506$6.60$6.8050.80%$151.00—$8.25$9.154550
117281$6.20$6.3550.80%$152.00—$8.70$9.501460
99296$6.00$6.1550.83%$152.50—$9.25$9.85150
129414$5.80$6.0050.99%$153.00—$9.50$10.556022
68167$5.35$5.6050.72%$154.00—$10.10$10.8550012
1383,047$5.05$5.2550.99%$155.00—$10.80$11.401,03155
329829$4.75$4.9551.32%$156.00—$11.35$12.102241
282416$4.45$4.6051.35%$157.00—$12.15$12.801960
74229$4.25$4.5051.40%$157.50—————
112388$4.15$4.3051.43%$158.00—$12.80$14.106142

Forward $149.10. Not enough surviving quotes on both wings to measure the skew here.

2026-10-23(30 days)ATM 49.88%±21.36
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
45$11.30$13.95—$141.5050.01%$4.85$5.051512
45$11.10$13.35—$142.0050.06%$5.05$5.2517512
012$10.70$12.85—$142.5050.08%$5.25$5.455922
1054$10.75$12.00—$143.0049.60%$5.30$5.6552021
016$10.85$11.85—$143.5049.41%$5.45$5.8523922
10100$9.40$11.95—$144.0049.35%$5.65$6.05205113
04$10.60$11.20—$144.5049.57%$5.90$6.307934
2104$10.35$10.90—$145.0050.06%$6.30$6.5020056
9102$9.80$10.30—$146.0050.03%$6.75$6.9517467
14321$9.00$10.00—$147.0048.99%$6.85$7.458240
16435$8.80$9.25—$148.0049.93%$7.65$7.95264129
71202$8.30$9.00—$149.0049.87%$8.10$8.5012926
232223$7.80$8.4549.53%$150.00—$8.65$9.0011550
57170$7.65$7.8549.96%$151.00—$7.95$10.80911
28131$7.20$8.2052.20%$152.00—$9.65$11.40630
81209$6.85$7.0050.07%$153.00—$10.40$11.00940
44113$5.85$6.6548.41%$154.00—$10.65$12.00380
66256$6.10$6.3050.36%$155.00—$11.60$12.503305
3085$5.35$5.9049.07%$156.00—$12.15$13.95860
7045$5.50$5.6050.70%$157.00—$12.30$14.601100
4208$5.30$5.5050.80%$157.50—$12.90$14.15510

Forward $149.35. Not enough surviving quotes on both wings to measure the skew here.

2026-10-30(37 days)ATM 49.67%±23.63
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
1,014115$12.95$13.45—$142.0049.94%$5.85$6.1036043
1169$12.35$13.45—$143.0052.13%$6.25$7.3022318
1213$11.85$13.05—$144.0053.18%$6.70$8.102816
1775$11.25$11.75—$145.0049.74%$7.15$7.3013884
4111$10.70$11.50—$146.0049.39%$6.50$8.7511783
204$10.40$11.40—$146.5049.86%$7.85$8.052649
113$10.15$10.80—$147.0049.91%$8.10$8.3030191
224$9.95$10.35—$147.5049.92%$8.35$8.552414
1698$9.85$10.25—$148.0049.92%$8.60$8.80239180
044$9.30$10.05—$148.5049.89%$8.85$9.054122
1010$9.15$9.75—$149.0049.97%$9.15$9.305310
30103$8.85$9.9550.04%$149.50—$9.40$9.60340
37138$8.55$9.2548.61%$150.00—$9.65$10.10407180
5861$8.40$8.9549.79%$151.00—$10.25$11.301791
88147$7.90$8.3549.16%$152.00—$10.75$11.402360
7118$7.90$8.1549.74%$152.50—$10.25$11.95170
3978$7.75$7.9549.91%$153.00—$11.20$12.701820
6093$7.40$7.6050.17%$154.00—$11.80$13.00480
153467$7.05$7.2050.22%$155.00—$12.40$13.454641
33413$6.65$6.8550.19%$156.00—$13.10$14.154835
47207$6.35$6.5550.49%$157.00—$13.65$15.155735

Forward $149.40. Not enough surviving quotes on both wings to measure the skew here.

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.

USO option chain | Options Skew Analytics