Options Skew Analytics

XLI 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 20.16%±2.54skew -0.60
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$10.05$10.65—$160.0038.87%$0.01$0.0426857
—————$161.0035.50%$0.01$0.04624
—————$162.0033.00%$0.01$0.051,4132
—————$162.5031.27%$0.01$0.0590
—————$163.0029.53%$0.01$0.051,3468
—————$164.0026.02%$0.01$0.051731
06$5.10$5.65—$165.0024.12%$0.02$0.075514
01$3.25$3.75—$167.0022.18%$0.13$0.18930
02$2.79$3.25—$167.5021.57%$0.17$0.241,2018
121$2.35$2.79—$168.0021.10%$0.23$0.323304
21270$1.65$2.02—$169.0020.10%$0.40$0.562,65065
20230$1.07$1.30—$170.0020.19%$0.76$0.961667
20887$0.61$0.8120.08%$171.00—$1.25$1.52425
1,0841,191$0.34$0.4920.70%$172.00—$1.86$2.34130
11453$0.26$0.3921.38%$172.50—$2.24$2.7710
750$0.19$0.2821.44%$173.00—$2.63$3.20250
—————$174.00—$3.50$4.10220
—————$175.00—$4.45$4.85640
—————$176.00—$5.45$6.05520
—————$177.00—$6.45$7.1570
—————$179.00—$8.45$9.0540

Forward $170.33. The 25-delta put carries -0.60 volatility points over the 25-delta call.

2026-10-02(9 days)ATM 16.65%±4.46skew +1.53
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$9.35$9.90—$161.00—————
01$7.90$8.50—$162.50—————
07$7.35$8.00—$163.0020.91%$0.18$0.251,3731
121$6.45$7.05—$164.0020.34%$0.23$0.35310
020$5.60$6.15—$165.0019.93%$0.35$0.452,1733,074
541$4.70$5.25—$166.0019.02%$0.44$0.58200
05$3.90$4.40—$167.0018.00%$0.58$0.713010
06$3.50$3.85—$167.5018.04%$0.67$0.883160
5910$3.30$3.50—$168.0017.40%$0.78$0.9426855
3123$2.52$2.77—$169.0017.12%$1.09$1.2517643
58210$1.95$2.14—$170.0016.79%$1.48$1.631048
569$1.44$1.6116.54%$171.00—$1.97$2.111459
231,091$1.02$1.1916.39%$172.00—$2.50$2.73716
128195$0.89$1.1217.12%$172.50—$2.80$3.05192
46390$0.76$0.8716.72%$173.00—$3.10$3.40101
2137$0.47$0.6316.51%$174.00—$3.85$4.5551
21312$0.39$0.5017.66%$175.00—$4.65$5.40220
1736$0.28$0.3517.93%$176.00—$5.55$6.25360
—————$177.00—$6.50$7.15220
—————$178.00—$7.45$8.0510
—————$179.00—$8.45$9.0530

Forward $170.49. The 25-delta put carries +1.53 volatility points over the 25-delta call.

2026-10-09(16 days)ATM 16.76%±5.99skew +1.44
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
03$8.80$9.40—$162.00—————
01$8.35$8.95—$162.50—————
—————$164.0019.65%$0.56$0.682226
03$6.15$6.70—$165.0018.70%$0.64$0.8039437
—————$166.0018.47%$0.77$1.0710126
06$4.55$5.10—$167.0017.71%$1.00$1.2013484
026$4.15$4.50—$167.5017.82%$1.11$1.422337
460$3.80$4.30—$168.0017.27%$1.25$1.473839
712$3.20$3.50—$169.0016.95%$1.58$1.801243
11152$2.62$2.85—$170.0016.60%$1.96$2.1910927
5743$2.08$2.3116.81%$171.00—$2.53$2.685521
47194$1.68$1.8516.83%$172.00—$2.97$3.253580
358$1.46$1.7116.92%$172.50—$3.20$3.5540
453297$1.32$1.4716.82%$173.00—$3.50$3.8510
9811$1.01$1.1516.77%$174.00—$4.15$4.8510
19384$0.74$0.9717.03%$175.00—$4.90$5.7030
018$0.59$0.6916.96%$176.00—$5.70$6.5030
6121$0.47$0.5917.58%$177.00—$6.55$7.40200
070$0.30$0.4916.79%$177.50—$7.30$7.7520
—————$178.00—$7.45$8.15280
384$0.26$0.3818.09%$179.00—$8.40$9.1010

Forward $170.59. The 25-delta put carries +1.44 volatility points over the 25-delta call.

2026-10-16(23 days)ATM 17.30%±7.41skew +1.24
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$162.5020.22%$0.59$0.8870
—————$163.0020.50%$0.77$0.9420
06$7.50$7.95—$164.0019.46%$0.87$1.003,81114
018$6.70$7.20—$165.0019.46%$1.09$1.241,280360
439$5.90$6.35—$166.0018.62%$1.23$1.401,239237
082$5.25$5.45—$167.0018.64%$1.48$1.7623689
40$4.80$5.30—$167.5018.26%$1.58$1.883700
476$4.60$4.75—$168.0017.89%$1.74$1.961,38911
285388$3.95$4.10—$169.0017.67%$2.11$2.306075
166881$3.35$3.50—$170.0017.69%$2.58$2.721,926153
21246$2.71$2.9517.29%$171.00—$2.95$3.204766
1391,534$2.36$2.5117.62%$172.00—$3.55$3.704643
195$2.03$2.2417.05%$172.50—————
41,543$1.94$2.0717.43%$173.00—$4.10$4.302650
71,404$1.51$1.6817.04%$174.00—$4.65$4.952,0120
521735$1.25$1.3817.16%$175.00—$5.30$5.8031052
10534$1.03$1.1517.38%$176.00—$6.00$6.50260
652,390$0.81$0.9117.28%$177.00—$6.80$7.55370
09$0.71$0.9117.65%$177.50—————
21,724$0.68$0.7417.55%$178.00—$7.70$8.35181
34863$0.53$0.6417.82%$179.00—$8.65$9.30100

Forward $170.75. The 25-delta put carries +1.24 volatility points over the 25-delta call.

2026-10-23(30 days)ATM 17.08%±8.37skew +1.64
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$162.5020.16%$0.80$1.21310
—————$163.0019.24%$0.83$1.14111
045$7.90$8.60—$164.0018.77%$0.97$1.30280
100$7.05$7.80—$165.0019.00%$1.26$1.572114
—————$166.0018.39%$1.46$1.741323
—————$167.0018.18%$1.65$2.11016
—————$167.5018.03%$1.79$2.26116
—————$168.0017.65%$1.97$2.3171
91$4.25$4.90—$169.0017.38%$2.30$2.67318
722$3.70$4.00—$170.0017.35%$2.69$3.1561167
33$3.15$3.4517.06%$171.00—$3.15$3.55014
11772$2.75$3.0517.38%$172.00—$3.85$4.0560
54$2.52$2.7117.02%$172.50—$4.05$4.552128
1113$2.18$2.6116.92%$173.00—$4.15$4.6540
040$1.86$2.1116.70%$174.00—$4.75$5.55488
811$1.50$1.9717.13%$175.00—$5.40$5.9524
02$1.28$1.4916.74%$176.00—————
35$1.01$1.4617.36%$177.00—$6.85$7.8010
01$0.89$1.2016.84%$177.50—————
08$0.78$1.0316.56%$178.00—$7.65$8.5510
107$0.74$1.0017.64%$179.00—————

Forward $170.95. The 25-delta put carries +1.64 volatility points over the 25-delta call.

2026-10-30(37 days)ATM 17.59%±9.59skew +1.73
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$162.5019.60%$1.02$1.3221
—————$163.0020.00%$1.19$1.4941
—————$164.0019.59%$1.31$1.7221
—————$165.0018.91%$1.50$1.831756
—————$166.0018.87%$1.70$2.21330
—————$167.5018.15%$2.11$2.5341
—————$168.0018.53%$2.34$2.8310171
05$4.85$5.45—$169.0017.87%$2.60$3.1034
2217$4.30$4.50—$170.0018.27%$3.10$3.655166
811$3.75$3.95—$171.00—————
045$3.25$3.5017.33%$172.00—$3.90$4.4540
011$2.95$3.3017.20%$172.50—$4.15$4.7020
02$2.77$3.0017.06%$173.00—————
22$2.33$2.6417.02%$174.00—$5.10$5.6010
504$2.00$2.2116.87%$175.00—$5.65$6.25260
21$1.57$1.9116.59%$176.00—————
04$1.44$1.6116.91%$177.00—————
012$1.19$1.6817.10%$177.50—————
011$1.09$1.5717.18%$178.00—————
06$0.84$1.1616.44%$179.00—————
139$0.76$1.0116.86%$180.00—————

Forward $171.20. The 25-delta put carries +1.73 volatility points over the 25-delta call.

2026-11-20(58 days)ATM 19.34%±13.22skew +2.11
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$11.35$11.85—$162.0020.91%$1.86$2.17789305
01$10.45$11.20—$163.0020.77%$2.11$2.402270
09$9.80$10.45—$164.0020.52%$2.31$2.672290
067$9.05$9.70—$165.0020.55%$2.72$2.9110,5917,701
01$8.40$8.95—$166.0020.11%$2.85$3.25310
2741$7.85$8.15—$167.0020.04%$3.20$3.601063
032$7.05$7.55—$168.0019.77%$3.50$3.9528,4292
032$6.50$6.95—$169.0019.78%$3.95$4.35118834
1179$6.00$6.35—$170.0019.58%$4.40$4.7046,101306
42171$5.40$5.65—$171.0019.56%$4.85$5.201,110271
2216$4.80$5.2519.34%$172.00—$5.20$5.751640
019$4.40$4.7519.35%$173.00—$5.75$6.30014
01$3.95$4.3019.25%$174.00—$6.25$6.901811
126501$3.55$3.8519.14%$175.00—$6.90$7.4512,9000
942$3.15$3.5019.10%$176.00—————
368$2.81$3.1018.97%$177.00—$8.05$8.7512
1859$2.42$2.7418.71%$178.00—————
18124$2.12$2.4618.68%$179.00—————
4861,393$1.86$2.1418.53%$180.00—$10.10$10.808,9730
41138$1.73$1.8618.66%$181.00—$11.25$11.6520
3498$1.39$1.6418.33%$182.00—————

Forward $171.55. The 25-delta put carries +2.11 volatility points over the 25-delta call.

2026-12-18(86 days)ATM 19.62%±16.39skew +2.18
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
013$12.25$13.95—$162.0021.16%$2.73$3.103890
015$11.45$13.00—$163.0020.86%$2.97$3.305715
058$10.80$12.30—$164.0020.75%$3.20$3.651530
0316$10.50$11.25—$165.0020.61%$3.55$3.90297300
—————$166.0020.24%$3.75$4.20143
463$9.20$9.85—$167.0020.29%$4.20$4.552031
032$8.60$9.20—$168.0020.03%$4.45$4.95200
061$7.95$8.55—$169.0019.95%$4.85$5.3560
101,398$7.45$7.90—$170.0019.94%$5.30$5.808,6400
6189$6.90$7.35—$171.0019.78%$5.75$6.20270
222$6.35$6.80—$172.0019.78%$6.20$6.75721
3201,675$5.85$6.2519.61%$173.00—$6.70$7.25203307
031$5.40$5.8019.59%$174.00—$7.15$7.90990
52281$4.95$5.2019.26%$175.00—$7.90$8.302357
036$4.50$4.9019.32%$176.00—$8.20$9.05480
046$4.10$4.5019.24%$177.00—$8.80$9.651570
0196$3.75$4.0519.08%$178.00—$9.40$10.35340
040$3.40$3.8019.16%$179.00—$10.15$10.90560
73,895$3.15$3.3519.02%$180.00—$10.80$11.653840
11,024$2.81$3.1018.98%$181.00—$11.55$12.50320
1169$2.52$2.8618.98%$182.00—$12.30$13.252410

Forward $172.10. The 25-delta put carries +2.18 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.