Options Skew Analytics

VLO option chain

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

Data as of 9 November 2026 (end of day)

2026-11-13(4 days)ATM 62.57%±23.34skew +6.25
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
3600$24.10$27.20—$332.5065.86%$1.70$2.20012
1610$22.40$25.00—$335.0065.61%$2.15$2.603160
—————$337.5065.66%$2.60$3.2064
5672$18.10$21.00—$340.0065.21%$3.10$3.807223
02$17.20$18.90—$342.5065.75%$3.70$4.703050
517$15.30$17.60—$345.0063.99%$4.40$5.105059
1460$13.50$15.50—$347.5064.62%$5.10$6.301815
1436$12.10$13.80—$350.0062.39%$5.90$6.808235
3821$10.80$12.50—$352.5063.68%$6.90$8.301222
6223$9.50$10.80—$355.0064.21%$8.00$9.70103114
6039$8.20$9.3062.35%$357.50—$9.10$10.602418
3967$6.80$8.2061.45%$360.00—$10.30$12.00185108
3255$5.90$6.9060.83%$362.50—$11.40$14.30245
3655$5.00$5.9060.52%$365.00—$13.30$14.90395
1642$4.10$4.9059.43%$367.50—$14.50$17.50130
130410$3.40$4.0058.67%$370.00—$16.70$18.4018618
3042$2.75$3.5058.96%$372.50—$18.00$20.90201
96147$2.25$2.8558.53%$375.00—$20.10$22.906417
10145$1.75$2.3057.77%$377.50—$22.10$24.90100
2996,360$1.40$1.9558.06%$380.00—$24.30$27.00313
291$1.15$1.5557.97%$382.50—$26.10$29.2053

Forward $356.40. The 25-delta put carries +6.25 volatility points over the 25-delta call.

2026-11-20(11 days)ATM 53.92%±33.35skew +6.20
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
019$29.60$32.40—$330.0058.95%$4.30$4.9051832
0—$27.70$30.70—$332.5059.56%$4.80$5.90—8
0—$25.70$28.70—$335.0059.30%$5.50$6.50—85
0—$23.90$26.50—$337.5057.56%$6.10$6.70—19
135$22.50$24.80—$340.0057.05%$6.80$7.4056146
0—$20.30$22.60—$342.5058.29%$7.50$9.00—16
0—$18.60$21.10—$345.0056.11%$8.30$9.10—27
0—$17.50$19.80—$347.5055.66%$9.20$10.00—7
58402$16.60$18.00—$350.0055.13%$10.20$10.9090732
0—$13.90$16.60—$352.5055.35%$11.20$12.30—0
4—$13.20$15.10—$355.0054.24%$12.20$13.20—2
2—$11.60$13.8053.86%$357.50—$13.30$14.50—0
92,919$11.30$12.4054.99%$360.00—$14.50$15.403739
17—$9.20$11.3052.77%$362.50—$15.80$17.30—1
468—$8.50$10.3053.32%$365.00—$17.00$19.80—5
0—$7.70$9.2053.16%$367.50—$18.50$20.10—0
30161$7.50$8.3054.43%$370.00—$20.10$22.404436
6—$5.40$7.4051.24%$372.50—$21.60$24.60—2
14—$5.40$6.6052.64%$375.00—$23.40$25.80—0
495481$4.40$5.3053.11%$380.00—$27.10$30.005597
1—$3.20$4.4053.03%$385.00—$31.00$33.90—3

Forward $356.30. The 25-delta put carries +6.20 volatility points over the 25-delta call.

2026-11-27(18 days)ATM 49.86%±39.39skew +5.69
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0—$32.90$36.60—$327.5055.50%$5.10$7.50—4
14$30.90$34.30—$330.0054.69%$5.80$7.804584
0—$29.10$32.50—$332.5053.93%$6.60$8.10—2
—————$335.0052.83%$7.50$8.20271
0—$25.80$28.60—$337.5055.02%$8.20$10.40—0
13$23.70$27.20—$340.0051.99%$8.90$9.8010421
0—$22.00$25.10—$342.5053.18%$9.80$11.50—0
66$20.80$23.50—$345.0051.60%$10.80$11.603022
0—$18.90$22.00—$347.5053.18%$11.60$13.90—0
43$17.40$20.40—$350.0051.10%$12.80$13.70829
0—$16.50$19.30—$352.5052.73%$13.70$16.20—0
06$15.20$17.20—$355.0050.46%$14.90$16.10568
0—$13.80$15.9049.92%$357.50—$16.10$18.40—0
1111$12.60$14.7049.65%$360.00—$17.40$20.00950
0—$11.70$13.6049.82%$362.50—$18.50$21.40—0
77$10.40$12.4049.00%$365.00—$19.40$22.60741
0—$9.30$11.4048.61%$367.50—$21.10$24.20—0
1414$9.10$10.4049.51%$370.00—$22.90$25.80704
0—$7.50$9.7048.39%$372.50—$24.10$27.30—1
22$6.90$8.9048.59%$375.00—$26.20$29.10241
3633$6.10$7.2049.00%$380.00—$29.70$32.40471

Forward $355.70. The 25-delta put carries +5.69 volatility points over the 25-delta call.

2026-12-04(25 days)ATM 50.91%±47.39skew +1.98
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$52.90$56.50—$305.00—————
01$48.60$52.10—$310.00—————
—————$315.0052.33%$4.20$5.2090
02$40.40$43.80—$320.0052.65%$5.60$6.20110
—————$325.0051.95%$6.60$7.40180
1012$33.10$36.20—$330.0051.71%$8.10$8.70141
—————$335.0051.21%$9.50$10.30220
03$25.90$28.90—$340.0050.88%$11.30$12.00330
04$23.70$26.20—$345.0050.27%$13.00$14.00170
04$19.90$22.70—$350.0051.72%$15.10$17.50180
64$18.80$19.80—$355.0051.32%$17.50$19.8080
18$16.20$17.4050.74%$360.00—$20.10$22.4071
03$13.20$15.2049.32%$365.00—$22.10$25.2090
720$12.20$13.2050.35%$370.00—$25.80$28.20110
05$9.50$11.5048.88%$375.00—$28.50$31.50210
06$7.80$10.0048.54%$380.00—$32.20$34.9040
014$7.20$8.4049.19%$385.00—$35.50$38.50101
320$6.10$7.5049.73%$390.00—$39.10$42.2080
79$5.10$6.1049.10%$395.00—$43.10$46.3012
1143$3.60$5.8049.02%$400.00—$47.20$50.4020
—————$405.00—$51.40$54.7020

Forward $355.65. The 25-delta put carries +1.98 volatility points over the 25-delta call.

2026-12-11(32 days)ATM 49.93%±52.57skew +3.84
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$310.0053.34%$4.50$6.6020
01$45.80$49.60—$315.00—————
—————$320.0053.17%$6.80$9.1091
—————$325.0052.38%$8.00$10.30100
—————$330.0052.46%$9.60$12.00111
—————$335.0051.92%$11.20$13.6011
01$28.20$31.30—$340.0051.34%$12.90$15.4040
01$25.30$28.50—$345.0050.96%$14.90$17.4010
01$22.40$25.40—$350.0050.38%$16.90$19.6020
02$20.10$22.50—$355.0050.32%$19.60$21.90130
14$17.80$19.9049.89%$360.00—$22.20$24.5090
02$15.50$17.8049.62%$365.00—$24.80$27.3040
13$13.50$15.7049.27%$370.00—$27.00$30.3020
02$11.60$13.8048.85%$375.00—$30.40$33.4020
12$10.00$12.2048.75%$380.00—$33.90$36.7020
03$8.70$10.8048.90%$385.00—$37.60$40.3030
13$7.10$9.6048.50%$390.00—————
05$6.00$8.5048.54%$395.00—$44.40$47.8010
012$5.40$7.6049.29%$400.00—$48.50$51.9010
25$4.20$6.8048.91%$405.00—————
—————$415.00—$61.00$64.5050

Forward $355.55. The 25-delta put carries +3.84 volatility points over the 25-delta call.

2026-12-18(39 days)ATM 49.01%±57.17skew +3.15
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0243$95.60$98.40—$260.00—————
1357$86.10$89.00—$270.0055.69%$1.20$1.851,30532
0131$76.90$79.60—$280.0054.94%$1.85$2.7539123
053$68.70$70.80—$290.0053.64%$3.00$3.5094731
1228$59.30$62.30—$300.0054.08%$4.30$5.601,19952
0312$51.00$53.90—$310.0051.78%$6.10$6.6095242
74,639$43.80$46.10—$320.0050.90%$8.40$8.8012,24915,053
5564$37.10$39.10—$330.0050.66%$11.30$12.001,33624
1245$30.70$32.90—$340.0051.45%$14.80$16.8086622
11382$25.00$26.80—$350.0049.66%$19.10$19.901,24889
48316$20.80$21.8049.08%$360.00—$24.00$24.801,577163
27379$16.60$17.4048.67%$370.00—$29.50$32.0076126
7967$12.70$13.8048.03%$380.00—$35.80$38.4085985
124,389$9.90$10.7047.81%$390.00—$42.90$45.405251
34680$7.60$8.3047.75%$400.00—$50.40$53.104,0412
56290$6.00$6.5048.25%$410.00—$58.40$61.308620
75397$4.40$4.9047.91%$420.00—$67.30$69.801291
79360$3.20$3.8047.95%$430.00—$76.10$78.802852
14650$2.35$2.9048.06%$440.00—$85.20$88.001830
46398$1.70$2.2048.13%$450.00—$94.00$97.30740
27390$1.20$1.7548.47%$460.00—$104.10$106.901010

Forward $356.89. The 25-delta put carries +3.15 volatility points over the 25-delta call.

2026-12-24(45 days)ATM 49.10%±61.35skew +3.45
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$300.0052.43%$4.90$6.50402
—————$310.0052.09%$6.70$9.0010
—————$315.0051.32%$7.50$10.3010
—————$320.0051.29%$9.20$11.5010
—————$325.0051.02%$10.70$13.0020
—————$330.0050.77%$12.30$14.70610
—————$335.0049.84%$13.90$16.10112
—————$340.0049.92%$16.00$18.2023
01$29.10$31.40—$345.0049.55%$18.00$20.3010
01$25.80$28.40—$350.0049.06%$20.10$22.5010
01$23.60$25.80—$355.0049.06%$22.70$25.0010
01$21.20$23.8049.19%$360.00—$25.20$27.60208
03$19.00$21.1048.49%$365.00—$27.80$30.40010
05$16.90$19.2048.39%$370.00—$30.30$33.30017
422$15.00$17.2048.08%$375.00—————
31$11.60$13.9047.68%$385.00—————
13$9.30$11.3048.10%$395.00—————
02$7.80$10.3047.84%$400.00—————
70$6.30$8.4048.53%$410.00—————
—————$420.00—$67.00$70.5010
100$3.70$4.7047.69%$430.00—————

Forward $355.85. The 25-delta put carries +3.45 volatility points over the 25-delta call.

2027-01-15(67 days)ATM 48.44%±74.16skew +1.05
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0395$97.80$100.80—$260.0052.45%$2.15$2.656500
0288$88.80$91.90—$270.0051.78%$3.10$3.608231
0400$80.10$83.10—$280.0050.86%$4.20$4.802864
0166$71.80$74.60—$290.0050.26%$5.80$6.303341
3467$63.70$66.40—$300.0049.36%$7.60$8.104788
12153$56.20$58.90—$310.0048.84%$9.90$10.5039915
0169$49.10$51.70—$320.0048.60%$12.90$13.403544
10134$42.50$45.50—$330.0048.14%$16.10$16.9067350
0129$36.50$39.40—$340.0047.89%$20.10$20.902359
5310$31.00$34.00—$350.0047.57%$24.60$25.4050811
20381$27.60$28.7048.50%$360.00—$29.50$32.101,29719
2129$23.40$24.4048.34%$370.00—$35.20$37.7040110
9322$19.70$20.6048.19%$380.00—$41.40$44.003451
36241$15.60$17.3047.30%$390.00—$48.20$50.607605
341,483$13.50$14.4047.73%$400.00—$55.20$57.807870
29121$11.00$11.9047.45%$410.00—$62.70$65.501200
13462$8.50$10.5047.55%$420.00—$70.70$73.501130
31510$7.10$8.1047.07%$430.00—$79.00$81.801540
11387$5.70$7.1047.58%$440.00—$87.70$90.501400
12564$4.70$5.3046.97%$450.00—$96.60$99.501720
1200$3.70$5.0047.95%$460.00—$105.70$108.70750

Forward $357.33. The 25-delta put carries +1.05 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.