Options Skew Analytics

XLK 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 28.39%±4.10skew +5.48
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
1261,339$11.80$12.50—$183.00—————
1,136610$10.35$11.55—$184.00—————
109218$9.80$10.55—$185.0039.58%$0.05$0.091,4594
0167$8.05$9.90—$186.00—————
1144$7.95$8.55—$187.0036.33%$0.10$0.131019
0623$7.60$8.30—$187.50—————
4125$7.15$7.65—$188.00—————
3340$5.85$6.70—$189.0034.28%$0.20$0.251,29423
461,577$5.25$5.75—$190.0033.47%$0.29$0.351,349137
41414$4.30$4.90—$191.0032.65%$0.39$0.5126051
0428$3.60$4.05—$192.0031.02%$0.54$0.6412725
1765$3.30$3.65—$192.5030.70%$0.61$0.79404
151$2.93$3.25—$193.0031.85%$0.74$1.068021
36164$2.23$2.59—$194.0029.91%$1.04$1.2550150
941,268$1.66$2.01—$195.0029.12%$1.40$1.6620350
251,372$1.13$1.3326.88%$196.00—$1.89$2.33213
68108$0.74$0.9126.33%$197.00—$2.53$2.7011
981$0.57$0.7025.54%$197.50—$2.88$3.1018
1669$0.46$0.5325.22%$198.00—————
3328$0.26$0.3925.80%$199.00—$3.75$4.4030
64612$0.12$0.1924.31%$200.00—$4.60$5.251418

Forward $195.31. The 25-delta put carries +5.48 volatility points over the 25-delta call.

2026-10-02(9 days)ATM 24.31%±7.46skew +3.85
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0178$10.65$11.10—$185.0029.65%$0.48$0.5830825
1106$9.55$10.20—$186.0029.01%$0.57$0.68350
2152$8.80$9.30—$187.0028.94%$0.69$0.872544
524$8.25$8.90—$187.5027.78%$0.73$0.83671
11153$8.00$8.45—$188.0027.98%$0.80$0.98178
026$6.10$7.85—$189.0027.42%$0.94$1.17218
13870$5.95$6.80—$190.0026.63%$1.12$1.338232
5235$5.65$6.00—$191.0026.71%$1.35$1.68280
5189$4.85$5.25—$192.0025.63%$1.62$1.82329
528$4.55$4.95—$192.5025.04%$1.76$1.9095
72239$4.25$4.55—$193.0025.58%$1.89$2.276510
10155$3.60$3.90—$194.0024.17%$2.19$2.4628190
47753$3.00$3.30—$195.0024.40%$2.63$3.001837
41,500$2.48$2.7824.09%$196.00—$3.10$3.4521
16131$1.93$2.2423.13%$197.00—————
356$1.77$2.1423.67%$197.50—————
13368$1.51$1.8622.90%$198.00—————
12224$1.27$1.5323.23%$199.00—————
8275$1.01$1.1522.78%$200.00—$5.05$6.75451
73135$0.49$0.6222.39%$202.50—————
—————$205.00—$9.10$11.05100

Forward $195.34. The 25-delta put carries +3.85 volatility points over the 25-delta call.

2026-10-09(16 days)ATM 23.85%±9.76skew +4.23
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
1520$10.75$11.80—$185.0028.16%$0.94$1.172235
074$10.50$10.95—$186.0026.84%$0.86$1.35567
069$9.00$10.20—$187.0026.97%$1.14$1.521130
0100$9.20$9.75—$187.5027.46%$1.38$1.6359501
4167$8.50$9.30—$188.0027.02%$1.46$1.69802
11111$7.85$8.50—$189.0026.73%$1.63$1.9845
1547$7.40$7.85—$190.0026.10%$1.91$2.12211,202
037$6.10$6.95—$191.0026.28%$2.19$2.55330
16$5.95$6.25—$192.0024.78%$2.38$2.6350
09$5.55$5.90—$192.5024.97%$2.54$2.911365
09$4.80$5.60—$193.0025.40%$2.69$3.303130
5719$4.50$4.95—$194.0025.22%$3.15$3.6519
7740$4.05$4.35—$195.0024.32%$3.60$3.851039
4216$3.40$3.8523.78%$196.00—$4.05$4.6010
1128$3.05$3.3523.92%$197.00—$4.55$4.9020
63$2.78$3.1023.60%$197.50—$4.80$5.3510
1,07420$2.63$2.8523.59%$198.00—$5.05$5.8010
2521$2.15$2.4323.06%$199.00—————
2944$1.74$2.1322.87%$200.00—————
032$1.06$1.4722.79%$202.50—————
322$0.62$0.8222.00%$205.00—————

Forward $195.48. The 25-delta put carries +4.23 volatility points over the 25-delta call.

2026-10-16(23 days)ATM 23.39%±11.48skew +4.56
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
43,907$12.00$12.45—$185.0027.14%$1.47$1.584,461101
4562$10.80$11.60—$186.0026.79%$1.63$1.783642
41,313$10.10$10.75—$187.0026.49%$1.83$1.991892
—————$187.5026.84%$1.91$2.2934
9499$9.15$10.10—$188.0026.11%$2.03$2.22118230
073$8.80$9.40—$189.0026.68%$2.22$2.824874
251,931$8.10$8.50—$190.0025.15%$2.52$2.65477203
2801$6.90$7.95—$191.0025.22%$2.70$3.20952200
12,659$6.60$7.10—$192.0024.64%$3.10$3.352525,699
—————$192.5025.03%$3.15$3.85717
9877$6.05$6.50—$193.0024.44%$3.45$3.751,6868
2501$5.45$5.80—$194.0024.47%$3.85$4.253011,508
1,0744,863$4.90$5.20—$195.0023.69%$4.25$4.50758201
1158$4.15$4.5023.38%$196.00—$4.70$4.95131,202
15270$3.85$4.1023.91%$197.00—$5.20$5.557126
01,027$3.30$4.0523.46%$197.50—————
1185$3.40$3.6023.62%$198.00—————
101621$2.77$3.2523.07%$199.00—$6.15$6.9014
9805,359$2.59$2.7723.18%$200.00—$6.70$7.202090
1151,779$1.68$1.8922.28%$202.50—————
1333,094$1.10$1.3022.06%$205.00—$10.30$10.8540

Forward $195.50. The 25-delta put carries +4.56 volatility points over the 25-delta call.

2026-10-23(30 days)ATM 23.68%±13.29skew +3.63
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
155$12.15$12.95—$185.0026.40%$1.70$2.097410
17$11.70$12.40—$186.0026.55%$2.04$2.30490
817$10.65$11.35—$187.0025.75%$2.05$2.5530
010$10.40$11.15—$187.50—————
01$10.15$10.60—$188.0024.11%$1.73$2.8460
03$9.45$10.05—$189.0025.50%$2.57$3.1511
1032$8.65$9.10—$190.0025.01%$3.00$3.20675
06$7.80$8.40—$191.0025.42%$3.30$3.8007
030$7.30$8.05—$192.0024.97%$3.50$4.2050
028$6.65$7.80—$192.50—————
128$6.35$7.30—$193.0024.54%$4.00$4.35127
17$5.95$6.50—$194.00—————
1144$5.50$5.90—$195.0023.87%$4.80$5.1021
08$4.85$5.5023.74%$196.00—$5.30$5.5505
5716$4.35$4.8523.23%$197.00—————
05$3.15$4.4021.45%$198.00—————
08$3.35$4.3023.51%$199.00—————
171$3.00$3.6022.80%$200.00—$7.35$8.1514
142$2.16$2.7922.72%$202.50—————
135$1.54$1.9122.13%$205.00—————
164$1.00$1.3521.72%$207.50—————

Forward $195.75. The 25-delta put carries +3.63 volatility points over the 25-delta call.

2026-10-30(37 days)ATM 23.32%±14.56skew +4.62
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
019$12.90$13.85—$185.0026.90%$2.31$2.50736
01$12.15$13.20—$186.0026.62%$2.50$2.7477
—————$187.0025.82%$2.29$3.20140
01$10.95$11.70—$187.5026.12%$2.77$3.15172
1115$10.85$11.30—$188.0026.40%$3.00$3.352213
051$9.60$10.85—$189.0026.02%$3.25$3.6010
258$8.70$9.90—$190.0025.56%$3.55$3.8042
044$8.65$9.20—$191.0025.56%$3.85$4.2520
07$7.95$8.50—$192.0025.66%$4.20$4.7520
35$6.85$8.40—$192.5025.00%$3.95$5.1040
022$6.55$7.95—$193.0023.17%$3.50$5.1030
349$6.60$7.40—$194.0024.95%$4.95$5.4011
2641$6.30$6.80—$195.0024.85%$5.40$5.85516
3651$5.80$6.25—$196.0024.15%$5.70$6.2010
018$4.95$5.6023.03%$197.00—————
225$4.90$5.3023.23%$197.50—————
134$4.45$5.2023.00%$198.00—$6.80$7.4510
011$3.85$4.8022.67%$199.00—————
16126$3.80$4.3023.14%$200.00—$7.90$8.3520
138$2.80$3.2522.45%$202.50—————
014$2.05$2.4022.00%$205.00—————

Forward $196.08. The 25-delta put carries +4.62 volatility points over the 25-delta call.

2026-11-20(58 days)ATM 25.11%±19.65skew +4.36
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$181.0028.16%$2.69$3.0507
—————$182.0028.28%$2.86$3.45110
—————$183.0027.75%$3.20$3.4001
017$14.60$16.50—$184.0027.30%$3.20$3.7573
2172$14.10$15.50—$185.0027.11%$3.55$3.9019418
—————$186.0027.14%$3.95$4.1521
024$13.00$14.30—$187.0027.02%$4.05$4.6570
14$12.70$13.35—$188.0026.75%$4.45$4.807511
044$10.95$12.95—$189.00—————
5279$10.90$12.10—$190.0026.47%$5.10$5.5041937
05$10.60$11.20—$191.0026.29%$5.30$6.0001
123$9.80$10.80—$192.00—————
011$9.15$10.10—$193.0025.74%$6.05$6.6501
06$8.85$9.55—$194.0025.46%$6.55$6.9015
51,255$8.15$8.80—$195.0025.45%$7.05$7.357317
05$7.90$8.20—$196.0025.37%$7.45$7.90350
10772$7.40$7.7025.29%$197.00—$7.95$8.25268
443$6.55$7.3024.74%$198.00—$8.45$8.7510
497225$5.90$6.2024.65%$200.00—$9.50$9.90284
4203$3.85$4.2023.81%$205.00—$12.35$13.0020
67347$2.45$2.7523.39%$210.00—————

Forward $196.38. The 25-delta put carries +4.36 volatility points over the 25-delta call.

2026-12-18(86 days)ATM 25.49%±24.34skew +2.75
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02,148$25.95$27.45—$172.5030.16%$2.49$2.89581744
541,425$24.50$25.20—$175.0029.11%$2.83$3.105,1342
346$22.00$23.60—$177.5027.95%$2.79$3.70810
21,072$19.55$21.65—$180.0028.23%$3.65$4.302,6330
1447$17.65$19.45—$182.5026.41%$3.40$4.90630
01,741$16.65$17.55—$185.0027.27%$4.90$5.551,5313
03,108$14.50$15.75—$187.5026.46%$5.60$6.104141
22,580$13.20$14.05—$190.0026.01%$6.55$6.8058813
10218$11.75$12.40—$192.5025.38%$7.25$7.8047128
8252,393$10.60$10.85—$195.0025.51%$8.50$9.001,3290
51,586$8.90$9.5525.43%$197.50—$9.55$10.45202
463,512$8.00$8.4525.69%$200.00—$10.80$11.2566697
0460$6.25$7.4524.67%$202.50—$12.20$12.90400
1871,652$5.80$6.1024.66%$205.00—$13.75$14.25140
0184$4.45$5.8524.67%$207.50—$15.30$16.4040
3876$3.95$4.6024.20%$210.00—$17.10$18.2550
1578$3.20$3.8023.72%$212.50—————
2304$2.68$3.2023.66%$215.00—$20.85$22.1530
0117$1.86$2.9823.46%$217.50—————
545744$1.73$2.2523.34%$220.00—————
050$1.40$2.0723.72%$222.50—————

Forward $196.72. The 25-delta put carries +2.75 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.