Options Skew Analytics

VTI 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 12.03%±11.42skew +3.53
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
018$67.70$70.20—$310.00—————
02$62.40$65.10—$315.00—————
02$57.10$60.10—$320.00—————
03$52.20$55.30—$325.00—————
08$47.30$50.30—$330.00—————
023$43.40$45.20—$335.00—————
48$37.90$40.10—$340.0023.54%$0.25$0.355412
016$33.30$35.40—$345.00—————
010$28.20$30.20—$350.0020.58%$0.50$0.6012015
014$23.40$25.00—$355.0018.67%$0.60$0.80788
830$19.20$20.60—$360.0017.05%$0.85$1.1020446
055$13.50$16.40—$365.0015.23%$1.15$1.5516815
049$10.20$11.40—$370.0014.63%$2.15$2.50169444
15368$6.60$7.30—$375.0012.83%$3.20$3.60409155
61226$3.30$3.9011.73%$380.00—$5.20$5.6015440
4,802784$1.60$1.7511.10%$385.00—$7.90$9.30170
17803$0.65$0.7510.96%$390.00—————
7460$0.10$0.1511.73%$400.00—$21.10$23.3083

Forward $378.20. The 25-delta put carries +3.53 volatility points over the 25-delta call.

2026-11-20(58 days)ATM 13.72%±20.78skew +4.16
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
08$64.10$67.00—$315.00—————
01$59.20$62.10—$320.0026.84%$0.65$1.0511
05$49.40$52.60—$330.00—————
03$45.70$47.30—$335.0022.71%$1.00$1.4080
44$40.40$42.30—$340.0022.08%$1.25$1.8552
—————$345.0020.09%$1.30$1.9022
04$31.20$32.40—$350.0019.49%$1.95$2.251211
03$27.20$28.70—$355.0018.24%$2.40$2.60161
08$22.80$24.20—$360.0017.32%$3.00$3.30199
817$18.30$20.20—$365.0016.12%$3.60$4.10133
—————$370.0015.18%$4.50$5.30782
025$10.80$12.10—$375.0014.40%$6.10$6.60345
37$7.90$8.6013.78%$380.00—$8.00$8.6082
461$5.40$6.0013.17%$385.00—————
259$3.30$3.8012.35%$390.00—$13.00$14.8010
148$2.05$2.2511.96%$395.00—————
28142$1.15$1.3011.68%$400.00—————

Forward $379.95. The 25-delta put carries +4.16 volatility points over the 25-delta call.

2026-12-18(86 days)ATM 13.96%±25.85skew +5.14
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
03$80.10$83.40—$300.00—————
038$75.20$78.30—$305.00—————
048$70.60$73.70—$310.00—————
035$65.40$68.90—$315.00—————
043$60.90$64.30—$320.00—————
011$56.00$59.30—$325.00—————
029$51.20$54.70—$330.0022.84%$1.50$2.001760
061$46.70$49.80—$335.0021.76%$1.60$2.351100
066$42.10$45.00—$340.0020.91%$1.95$2.701002
067$38.40$40.00—$345.0020.13%$2.35$3.20771
0100$33.30$35.80—$350.0019.26%$2.85$3.7026113
196$28.90$31.40—$355.0018.23%$3.40$4.201023
191$24.80$27.30—$360.0017.23%$4.10$4.80852
2164$21.00$22.40—$365.0016.56%$5.10$5.806813
2236$17.00$18.50—$370.0015.71%$6.00$7.10860
093$13.80$15.10—$375.0014.87%$7.30$8.501240
2191$10.70$11.60—$380.0014.30%$9.00$10.50991
1210$7.90$8.7013.58%$385.00—$11.10$12.90220
02,030$5.60$6.4013.07%$390.00—$13.70$16.00140
9325$3.70$4.5012.53%$395.00—$16.80$19.501200
1531$2.25$3.1012.09%$400.00—$21.20$23.9070

Forward $381.41. The 25-delta put carries +5.14 volatility points over the 25-delta call.

2027-01-15(114 days)ATM 14.10%±30.06skew +4.46
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0164$71.30$74.40—$310.00—————
0132$66.80$69.50—$315.00—————
1148$62.40$64.40—$320.0024.28%$2.00$2.3017831
0158$57.60$60.00—$325.0023.14%$2.00$2.65740
10104$52.80$55.00—$330.0021.95%$2.05$2.953590
0278$48.00$51.00—$335.0021.29%$2.45$3.40530
0426$43.90$46.40—$340.0020.48%$2.80$3.901560
083$39.30$41.90—$345.0019.48%$3.40$4.101321
3424$34.90$36.40—$350.0018.54%$3.90$4.604750
3187$30.60$32.40—$355.0017.78%$4.50$5.401002
0415$26.40$28.20—$360.0016.98%$5.30$6.201080
0615$22.60$24.70—$365.0016.17%$6.20$7.201541
36523$19.00$20.50—$370.0015.52%$7.60$8.301600
14434$15.70$16.20—$375.0015.07%$9.40$9.8015211
19360$12.60$13.10—$380.0014.46%$11.20$11.6046452
8220$9.80$10.2013.83%$385.00—$13.30$13.9012114
0196$7.30$8.2013.52%$390.00—$14.90$17.1040
0707$5.20$6.2013.03%$395.00—$17.80$20.7030
1775$3.50$4.5012.52%$400.00—$21.70$24.5030
0239$2.60$3.2012.43%$405.00—$26.00$29.0010
3167$1.75$2.1512.13%$410.00—————

Forward $381.47. The 25-delta put carries +4.46 volatility points over the 25-delta call.

2027-03-19(177 days)ATM 14.94%±40.02skew +5.42
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
016$66.00$68.80—$320.0023.00%$2.75$4.1020
01$61.20$64.30—$325.0022.11%$3.10$4.3090
04$56.70$59.80—$330.0021.39%$3.70$4.5020
046$53.10$54.80—$335.0021.24%$4.40$5.40301
09$48.10$51.00—$340.0020.32%$4.60$6.0091
031$44.00$45.90—$345.0019.62%$5.60$6.2020
075$40.10$42.10—$350.0018.75%$5.90$7.001260
02$36.40$37.70—$355.0018.34%$6.90$8.0050
011$31.60$34.40—$360.0017.77%$7.60$9.3071
011$27.80$30.80—$365.0017.11%$8.60$10.40120
029$24.50$26.20—$370.0016.72%$10.20$11.70610
035$21.10$22.50—$375.0015.90%$11.20$13.1010
221$17.80$18.80—$380.0015.48%$12.90$15.0050
044$15.00$16.2015.10%$385.00—$14.90$17.10200
0112$12.30$13.5014.62%$390.00—$17.20$19.60140
125$9.80$11.1014.15%$395.00—$19.90$22.5010
1137$7.70$8.5013.50%$400.00—$23.10$26.10260
0207$5.90$7.1013.35%$405.00—$26.70$29.9010
084$4.30$5.5012.91%$410.00—$31.10$34.1010
048$3.00$4.2012.52%$415.00—————
022$1.65$2.5512.41%$425.00—————

Forward $384.59. The 25-delta put carries +5.42 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.