Options Skew Analytics

XLI 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 24.13%±4.28skew +2.46
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
1417$8.75$10.00—$160.00—————
16121$8.00$9.00—$161.00—————
1540$6.80$7.60—$162.00—————
1120$6.35$7.55—$162.50—————
1695$5.85$7.05—$163.00—————
1410$4.85$6.15—$164.0028.05%$0.32$0.3651023
14028$4.05$5.25—$165.0026.41%$0.38$0.4836236
166144$3.60$4.40—$166.0026.00%$0.58$0.653141
82406$3.00$3.15—$167.0025.00%$0.78$0.8737528
4628$2.64$2.98—$167.5024.60%$0.90$1.021674
11440$2.30$2.65—$168.0024.52%$1.07$1.201264
113439$1.73$2.05—$169.0024.20%$1.45$1.63266153
106165$1.24$1.5524.00%$170.00—$1.98$2.2322627
3789$0.88$1.0423.31%$171.00—$2.61$2.831060
144158$0.57$0.7823.54%$172.00—$3.30$3.55101
1844$0.47$0.6423.55%$172.50—$3.30$3.95820
33184$0.40$0.5023.52%$173.00—$3.70$5.5540
6227$0.25$0.3623.90%$174.00—$4.50$6.4090
3261,510$0.17$0.2624.66%$175.00—$5.40$7.3030
—————$176.00—$6.35$8.05410
37271$0.03$0.0626.87%$179.00—————

Forward $169.35. The 25-delta put carries +2.46 volatility points over the 25-delta call.

2026-11-20(11 days)ATM 21.94%±6.45skew +2.47
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
049$8.60$9.40—$161.0025.56%$0.40$0.501,25332
242$7.40$8.55—$162.0024.98%$0.52$0.592,14386
3—$6.45$8.20—$162.5024.68%$0.55$0.68—0
1281$6.45$7.60—$163.0024.76%$0.55$0.8768713
0357$5.60$6.75—$164.0023.72%$0.79$0.878218
33389$5.15$5.90—$165.0023.23%$0.99$1.0612,911200
7330$4.50$5.05—$166.0023.67%$1.18$1.53664192
48471$3.80$4.35—$167.0023.02%$1.40$1.851,711249
201166$3.50$4.00—$167.5022.13%$1.63$1.80313304
5762,858$3.20$3.70—$168.0021.98%$1.79$2.015,697370
768418$2.57$3.05—$169.0021.96%$2.19$2.501,61062
6402,317$2.13$2.5021.92%$170.00—$2.67$2.9635,542105
486437$1.71$2.0421.82%$171.00—$3.20$3.551,17127
101,735$1.36$1.6221.67%$172.00—$3.70$4.3025324
8759$1.19$1.4821.74%$172.50—$4.20$4.6006
26415$1.03$1.2721.39%$173.00—$4.40$4.90500
8302$0.77$0.9020.76%$174.00—$5.05$6.15470
44110,225$0.54$0.7620.98%$175.00—$5.95$7.208,1000
42,777$0.41$0.6121.32%$176.00—$6.65$8.55100
—————$177.00—$7.35$9.40100
—————$178.00—$8.45$10.35245

Forward $169.47. The 25-delta put carries +2.47 volatility points over the 25-delta call.

2026-11-27(18 days)ATM 21.22%±7.99skew +4.33
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$162.0024.92%$0.78$1.301620
01$6.95$8.90—$162.50—————
—————$163.0024.23%$0.99$1.39680
05$5.75$7.35—$164.0024.52%$1.15$1.8130
5113$5.90$6.30—$165.0022.34%$1.34$1.65182
28$5.20$5.45—$166.0022.91%$1.65$2.13422
511$4.40$4.95—$167.0022.19%$1.90$2.412462
4718$4.05$4.40—$167.5022.80%$2.12$2.7696
537$3.45$4.20—$168.0021.73%$2.23$2.76283
10726$3.30$3.60—$169.0022.28%$2.71$3.351417
21737$2.81$3.1521.06%$170.00—$3.15$3.55801
1235$2.23$2.7520.76%$171.00—$3.60$4.10680
2146$1.93$2.2820.84%$172.00—$4.30$4.75300
—————$172.50—$4.30$5.20320
033$1.56$1.8320.40%$173.00—$4.95$5.5586
081$1.24$1.5320.33%$174.00—$5.50$6.1070
1112$0.98$1.2420.19%$175.00—$6.15$7.954716
2665$0.73$1.0320.07%$176.00—————
515$0.60$0.8120.12%$177.00—————
091$0.52$0.7920.43%$177.50—————
—————$178.00—$8.60$10.5010

Forward $169.63. The 25-delta put carries +4.33 volatility points over the 25-delta call.

2026-12-04(25 days)ATM 20.78%±9.23skew +3.46
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$162.0023.71%$1.05$1.6520
—————$162.5023.52%$1.25$1.6480
—————$163.0023.60%$1.29$1.8890
275$6.75$7.85—$164.0022.63%$1.53$1.92260
01$6.45$7.05—$165.0022.60%$1.79$2.27357
—————$166.0021.86%$2.02$2.4996
447$5.10$5.70—$167.0021.39%$2.39$2.72484
01$4.70$5.35—$167.5022.42%$2.52$3.35410
223$4.20$5.00—$168.0020.88%$2.67$3.1088
013$3.90$4.40—$169.0022.06%$3.15$3.95540
031$3.20$3.8520.77%$170.00—$3.45$4.20620
282$2.87$3.3520.99%$171.00—$4.15$4.70460
0133$2.31$2.9120.48%$172.00—$4.40$5.80250
083$2.20$2.6320.45%$172.50—$5.00$5.651320
—————$173.00—$5.15$5.80380
259$1.74$2.1020.53%$174.00—$6.05$6.60790
—————$175.00—$6.50$7.1020
015$1.17$1.4620.13%$176.00—$7.10$9.1510
19$0.95$1.2620.20%$177.00—————
15$0.64$1.0119.44%$178.00—————
22$0.62$0.8520.04%$179.00—————

Forward $169.70. The 25-delta put carries +3.46 volatility points over the 25-delta call.

2026-12-11(32 days)ATM 21.25%±10.69skew +3.91
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
030$12.60$14.60—$157.00—————
—————$160.0024.80%$1.08$1.72116
—————$161.0023.96%$1.13$1.8830
—————$163.0024.09%$1.65$2.452340
0215$7.60$8.45—$164.0023.48%$1.93$2.574417
0336$7.05$7.75—$165.0022.94%$2.19$2.784000
2282$6.05$7.00—$166.0022.22%$2.22$3.201510
0206$5.75$6.30—$167.0023.83%$2.82$4.00340
0159$5.25$6.00—$167.5022.85%$2.96$3.90500
045$4.80$5.65—$168.00—————
253$4.45$5.05—$169.0022.04%$3.60$4.3001
387$3.95$4.5021.31%$170.00—$3.85$4.75500
050$3.50$3.9521.13%$171.00—$4.55$5.3040
224$2.68$3.5520.21%$172.00—————
150$2.72$3.2020.43%$172.50—$5.40$6.5002
—————$173.00—$5.60$6.3010
11$2.05$2.6019.94%$174.00—————
182$1.90$2.3120.46%$175.00—————
124$1.43$1.9619.74%$176.00—————
11$1.31$1.7320.19%$177.00—————
10$0.64$0.9720.39%$181.00—————

Forward $169.92. The 25-delta put carries +3.91 volatility points over the 25-delta call.

2026-12-18(39 days)ATM 21.04%±11.69skew +3.00
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
22482$11.20$11.95—$160.0023.08%$1.42$1.546,721375
026$9.60$11.05—$161.0022.76%$1.63$1.69307644
039$9.20$10.30—$162.0022.55%$1.82$1.941,07215
082$8.40$9.55—$163.0021.97%$1.95$2.1628643
3479$8.00$8.70—$164.0022.02%$2.32$2.421,05115
8406$7.05$8.05—$165.0021.80%$2.61$2.712,816117
464$6.65$7.45—$166.0021.21%$2.76$3.05364
10291$6.05$6.65—$167.0022.40%$3.20$3.903464
36140$5.35$6.10—$168.0021.21%$3.65$3.8090748
89252$4.90$5.35—$169.0021.62%$4.00$4.5534314
7142,488$4.40$4.65—$170.00—$4.35$4.708,927598
11398$3.90$4.3020.70%$171.00—$4.95$5.801044
7367$3.30$3.8020.16%$172.00—$5.30$6.1510441
402,231$3.00$3.3520.27%$173.00—$6.10$6.853160
4141$2.60$2.9420.08%$174.00—$6.45$7.251600
46612$2.29$2.5620.01%$175.00—$7.40$8.202450
178186$1.94$2.2119.76%$176.00—$7.95$9.651100
17438$1.53$1.9019.26%$177.00—$8.50$10.401580
5511$1.42$1.6419.55%$178.00—$9.25$10.40805
01,162$0.99$1.4018.79%$179.00—$10.00$11.95570
166,118$1.03$1.2019.46%$180.00—$11.15$11.656132

Forward $170.00. The 25-delta put carries +3.00 volatility points over the 25-delta call.

2026-12-24(45 days)ATM 22.83%±13.54skew +1.01
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$160.0022.80%$1.76$2.09027
—————$161.0022.40%$1.94$2.3003
02$8.35$9.65—$163.0023.85%$2.38$3.7010
—————$164.0022.99%$2.68$3.7510
—————$167.0020.07%$3.50$4.0510
—————$168.0023.23%$4.10$5.8510
40$5.15$5.6522.95%$169.00—————
—————$170.00—$4.80$5.8501
—————$174.00—$7.05$7.65024
—————$175.00—$8.05$8.35026
—————$176.00—$8.50$8.90036
—————$177.00—$9.15$9.80052
20$1.75$2.2421.38%$177.50—$9.50$10.10024
—————$178.00—$9.80$10.50024
—————$179.00—$10.60$11.35024
21$1.14$1.7621.35%$180.00—$11.40$12.15024
—————$181.00—$12.10$12.80124
—————$182.00—$12.90$13.70024
—————$182.50—$13.30$14.2002
—————$183.00—$13.60$14.7002
—————$184.00—$14.65$15.4502

Forward $168.99. The 25-delta put carries +1.01 volatility points over the 25-delta call.

2027-01-15(67 days)ATM 20.30%±14.79skew +2.51
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
38412$19.80$21.50—$150.0025.67%$1.05$1.161,14214
218$18.90$20.55—$151.0025.14%$1.12$1.222180
047$18.00$19.70—$152.0024.64%$1.19$1.302670
012$17.10$18.85—$153.0024.98%$1.32$1.61292
04$16.20$18.05—$154.0024.57%$1.43$1.722173
0103$15.50$17.05—$155.0023.60%$1.52$1.665142
033$14.50$16.20—$156.0024.21%$1.72$2.102021,066
032$13.70$15.35—$157.0023.25%$1.77$2.116106
625$12.85$14.50—$158.0022.97%$1.94$2.2928933
5763$12.05$13.70—$159.0022.62%$2.17$2.411,984377
5226$12.20$12.90—$160.0022.13%$2.39$2.5083,730207
055$10.50$12.15—$161.0022.17%$2.58$2.901220
087$10.65$11.50—$162.0021.75%$2.84$3.051,6283
241,494$9.90$10.65—$163.0021.95%$3.10$3.553,44333
5283$9.15$10.00—$164.0021.37%$3.40$3.656910
443,608$8.60$9.20—$165.0021.56%$3.70$4.204,137152
532,700$5.65$6.15—$170.0020.42%$5.75$6.005,060871
134,167$3.40$3.8519.69%$175.00—$8.65$9.551,63112
819,911$2.02$2.3019.61%$180.00—$12.20$13.704700
91113,455$1.09$1.2319.27%$185.00—$15.90$17.201740
101,463$0.52$0.8219.76%$190.00—$20.35$21.25266

Forward $170.03. The 25-delta put carries +2.51 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.