Options Skew Analytics

XLE 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 29.15%±1.35skew +2.87
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$7.50$8.30—$54.50—————
10$7.25$7.90—$55.00—————
20$5.80$6.05—$56.50—————
040$5.30$5.55—$57.00—————
31$4.80$5.05—$57.50—————
110$4.30$4.55—$58.00—————
11$3.35$3.55—$59.0040.53%$0.01$0.0357756
735$2.86$3.05—$59.5036.91%$0.01$0.04355118
414$2.38$2.61—$60.0034.81%$0.03$0.053,373303
42$1.92$2.07—$60.5034.00%$0.07$0.084,177887
1314$1.48$1.65—$61.0032.33%$0.11$0.146,6103,060
2714$1.13$1.19—$61.5030.95%$0.20$0.229423,446
437619$0.77$0.84—$62.0030.02%$0.34$0.3610,1263,244
8191,142$0.50$0.5429.13%$62.50—$0.53$0.582,8371,217
998658$0.29$0.3228.62%$63.00—$0.81$0.888,6154,293
1,2111,156$0.15$0.1728.08%$63.50—$1.17$1.274,19989
1,6261,442$0.07$0.0827.69%$64.00—$1.51$1.763,926177
205739$0.03$0.0428.07%$64.50—$2.05$2.2368088
3312,124$0.01$0.0329.83%$65.00—$2.53$2.7138817
—————$66.00—$3.40$3.70224
—————$67.00—$4.40$4.7020

Forward $62.46. The 25-delta put carries +2.87 volatility points over the 25-delta call.

2026-09-28(5 days)ATM 23.32%±1.70skew +1.95
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
20$10.90$12.60—$51.00—————
80$10.00$11.60—$52.00—————
60$9.00$10.60—$53.00—————
01$4.30$4.55—$58.0035.07%$0.01$0.0610
61$3.35$3.60—$59.0029.02%$0.03$0.05876434
—————$60.0026.69%$0.08$0.1025936
136$1.56$1.71—$61.0024.77%$0.20$0.22595629
34267$0.89$0.98—$62.0023.54%$0.46$0.502291,858
644138$0.42$0.4623.15%$63.00—$0.94$1.0863338
379367$0.16$0.1722.82%$64.00—$1.66$1.869825
1,225515$0.05$0.0623.28%$65.00—$2.55$2.75351
971$0.01$0.0324.70%$66.00—$3.50$3.75310

Forward $62.46. The 25-delta put carries +1.95 volatility points over the 25-delta call.

2026-09-30(7 days)ATM 25.47%±2.20skew +1.53
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
04$16.00$17.65—$46.00—————
01$13.90$15.65—$48.00—————
02$12.45$14.15—$49.50—————
04$11.90$13.65—$50.00—————
02$10.90$12.65—$51.00—————
03$10.10$10.80—$52.00—————
10$8.35$8.55—$54.00—————
0115$7.35$7.55—$55.00—————
—————$56.0037.58%$0.01$0.0310
040$4.85$5.10—$57.5032.52%$0.02$0.0564621
01$4.40$4.60—$58.0031.73%$0.03$0.07860
04$3.45$3.65—$59.0029.75%$0.08$0.11370
46536$2.55$2.71—$60.0027.78%$0.16$0.206,234222
5219$1.74$1.87—$61.0026.51%$0.33$0.385,2114,970
2835$1.09$1.18—$62.0025.79%$0.64$0.71641105
757179$0.60$0.6625.22%$63.00—$1.09$1.229487
1,70519,651$0.29$0.3324.97%$64.00—$1.80$1.941379
10611,296$0.13$0.1625.46%$65.00—$2.63$2.8060614
76,137$0.05$0.0826.18%$66.00—$3.55$3.75450
3141$0.01$0.0527.26%$67.00—————
5224$0.01$0.0329.93%$68.00—————

Forward $62.46. The 25-delta put carries +1.53 volatility points over the 25-delta call.

2026-10-02(9 days)ATM 26.31%±2.58skew +0.53
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$57.0032.78%$0.02$0.075,0031
—————$57.5032.44%$0.05$0.0825987
—————$58.0031.49%$0.08$0.0924978
—————$58.5030.11%$0.10$0.1135428
1010$3.50$3.70—$59.0029.28%$0.13$0.154,051228
05$3.05$3.25—$59.5028.63%$0.18$0.20213103
131$2.66$2.81—$60.0027.95%$0.24$0.27494497
17$2.26$2.40—$60.5027.64%$0.34$0.3619541
15375$1.89$2.01—$61.0027.13%$0.45$0.48519277
18127$1.56$1.66—$61.5026.78%$0.60$0.63608312
48210$1.26$1.34—$62.0026.45%$0.78$0.82496858
64127$1.00$1.07—$62.50—$1.01$1.06564437
245487$0.79$0.8126.24%$63.00—$1.28$1.381,60468
807342$0.59$0.6326.22%$63.50—$1.58$1.713950
448774$0.46$0.4826.63%$64.00—$1.93$2.0837018
50443$0.33$0.3626.60%$64.50—$2.31$2.479710
8756,294$0.25$0.2626.85%$65.00—$2.72$2.891,5747
45331$0.18$0.1927.05%$65.50—$3.15$3.35580
77511$0.13$0.1427.40%$66.00—$3.60$3.802131
25736$0.09$0.1027.57%$66.50—$4.05$4.30100
38822$0.07$0.0828.50%$67.00—$4.55$4.7531

Forward $62.50. The 25-delta put carries +0.53 volatility points over the 25-delta call.

2026-10-05(12 days)ATM 24.64%±2.79skew -0.38
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
60$8.35$8.60—$54.00—————
01$5.40$5.65—$57.00—————
51$4.45$4.70—$58.00—————
—————$59.0027.12%$0.15$0.2121
81$2.66$2.88—$60.0026.08%$0.28$0.35550
101$1.95$2.08—$61.0025.91%$0.50$0.631124
5434$1.28$1.43—$62.0024.49%$0.81$0.9564
135$0.83$0.9324.77%$63.00—$1.35$1.4946
224$0.49$0.5724.78%$64.00—$1.99$2.1212
14$0.31$0.3826.29%$65.00—$2.74$2.9980
7183$0.14$0.2125.68%$66.00—$3.60$3.90100
—————$70.00—$7.50$7.7504
—————$71.00—$8.50$8.7509

Forward $62.48. The 25-delta put carries -0.38 volatility points over the 25-delta call.

2026-10-07(14 days)ATM 25.39%±3.11skew -0.33
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$2.74$2.96—$60.0026.14%$0.32$0.4510
387$2.06$2.21—$61.0025.56%$0.57$0.70160
61$1.40$1.57—$62.0025.52%$0.92$1.1204
21$0.90$1.0825.31%$63.00—$1.46$1.6126
118$0.60$0.7326.13%$64.00—$2.09$2.2522
120$0.36$0.4826.47%$65.00—————

Forward $62.47. The 25-delta put carries -0.33 volatility points over the 25-delta call.

2026-10-09(16 days)ATM 26.08%±3.42skew +0.17
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$5.05$5.25—$57.5028.88%$0.13$0.145340
—————$58.0028.47%$0.16$0.192352
033$4.15$4.35—$58.5027.87%$0.21$0.2324415
32$3.70$3.90—$59.0027.41%$0.27$0.2913077
251$3.30$3.50—$59.5027.12%$0.35$0.37117127
2577$2.91$3.10—$60.0026.76%$0.44$0.47667126
01$2.54$2.68—$60.5026.41%$0.55$0.59336535
619$2.19$2.33—$61.0026.86%$0.70$0.79667395
222$1.88$1.99—$61.5026.61%$0.87$0.96850441
29263$1.59$1.69—$62.0026.04%$1.07$1.12578157
122153$1.35$1.42—$62.5026.09%$1.31$1.36385271
485392$1.13$1.1726.04%$63.00—$1.57$1.69243137
483160$0.92$0.9726.02%$63.50—$1.78$2.0016916
306281$0.73$0.7925.84%$64.00—$2.10$2.3321363
31241$0.60$0.6426.07%$64.50—$2.54$2.7113610
65535$0.48$0.5226.24%$65.00—$2.92$3.101041
32158$0.38$0.4226.41%$65.50—$3.30$3.50350
18247$0.31$0.3326.64%$66.00—$3.70$3.95300
19133$0.24$0.2626.73%$66.50—$4.15$4.4020
64,036$0.19$0.2127.06%$67.00—$4.60$4.85220
070$0.15$0.1727.41%$67.50—$4.95$5.30100

Forward $62.55. The 25-delta put carries +0.17 volatility points over the 25-delta call.

2026-10-16(23 days)ATM 25.56%±4.02skew +0.44
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
020$5.65$5.85—$57.0028.10%$0.17$0.1921,7218,083
131,426$4.75$4.95—$58.0027.30%$0.26$0.298,607299
010,438$3.90$4.10—$59.0026.57%$0.40$0.4315,407494
—————$59.5026.42%$0.50$0.5351866
15929,508$3.10$3.30—$60.0026.31%$0.62$0.6537,455504
06$2.79$2.91—$60.5025.92%$0.75$0.773,213340
121,959$2.46$2.57—$61.0025.80%$0.90$0.946,374238
029$2.15$2.25—$61.5025.72%$1.09$1.126,345209
877,318$1.86$1.95—$62.0025.74%$1.30$1.3425,120622
158127$1.60$1.69—$62.5025.52%$1.53$1.56870392
4054,464$1.39$1.4425.61%$63.00—$1.80$1.8339,8732,071
435878$1.18$1.2325.63%$63.50—$2.07$2.2068594
3818,567$1.00$1.0425.68%$64.00—$2.39$2.5121,615165
248894$0.83$0.8725.60%$64.50—$2.63$2.88330
4,45017,005$0.71$0.7225.77%$65.00—$3.05$3.253,001104
1641,794$0.58$0.6125.87%$65.50—$3.45$3.6580
2119,159$0.49$0.5426.46%$66.00—$3.85$4.053,5020
1067,985$0.39$0.4125.95%$66.50—————
35523,012$0.32$0.3626.40%$67.00—$4.70$4.902654
1079,503$0.22$0.2426.77%$68.00—$5.60$5.852290
44$0.18$0.1926.83%$68.50—————

Forward $62.60. The 25-delta put carries +0.44 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.