Options Skew Analytics

XLY 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 27.17%±3.46skew +2.77
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
21$8.20$10.00—$112.00—————
05$6.80$9.10—$113.00—————
03$6.70$8.60—$113.50—————
114$7.10$8.20—$114.00—————
041$5.40$7.70—$114.50—————
2100$5.80$7.20—$115.00—————
422$5.40$6.70—$115.50—————
213$4.30$6.40—$116.00—————
02$4.20$5.80—$116.50—————
060$3.70$5.40—$117.00—————
15$3.60$5.00—$117.50—————
087$3.00$4.40—$118.00—————
—————$118.5031.92%$0.40$0.60154
33$3.10$3.30—$119.0030.77%$0.50$0.65161
32$2.75$2.90—$119.5030.48%$0.60$0.80142
1344$2.35$2.55—$120.0029.18%$0.70$0.90190
16411$1.60$1.90—$121.0027.45%$1.00$1.20161
813$1.05$1.3527.13%$122.00—$1.45$1.7090
33$0.70$0.9527.55%$123.00—$2.10$2.3520
1030$0.50$0.6028.00%$124.00—————
413$0.30$0.4529.01%$125.00—————

Forward $121.62. The 25-delta put carries +2.77 volatility points over the 25-delta call.

2026-11-20(11 days)ATM 24.59%±5.19skew +3.76
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
021$5.70$8.10—$114.50—————
174$6.50$7.60—$115.00—————
040$5.50$7.10—$115.50—————
01,178$4.90$6.70—$116.0029.11%$0.50$0.605120
047$4.10$6.30—$116.50—————
10482$4.90$5.80—$117.0027.85%$0.60$0.756065
035$3.80$5.40—$117.5028.03%$0.75$0.85512
11,261$3.60$5.00—$118.0029.08%$0.80$1.20793
5129$4.10$4.60—$118.5027.74%$0.95$1.15100
8322$3.80$4.10—$119.0028.65%$1.05$1.50271
0187$3.10$3.90—$119.5027.04%$1.20$1.4550
111,662$3.10$3.40—$120.0026.26%$1.35$1.551020
1398$2.45$2.70—$121.0024.79%$1.60$1.90170
15464$1.85$2.0024.58%$122.00—$2.10$2.35101
354$1.40$1.7025.25%$123.00—————
26$1.05$1.3025.06%$124.00—————
2152$0.75$1.0525.32%$125.00—$3.90$4.20460
141$0.55$0.7525.08%$126.00—————
—————$127.00—$5.10$7.80—0
—————$128.00—$6.00$8.70—0
—————$129.00—$7.10$8.30—0

Forward $121.70. The 25-delta put carries +3.76 volatility points over the 25-delta call.

2026-12-18(39 days)ATM 23.20%±9.25skew +2.92
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0680$14.60$15.40—$107.5030.02%$0.45$0.6043,226373
01$13.10$14.00—$109.0028.93%$0.55$0.707106
5418$12.50$13.20—$110.0028.48%$0.65$0.8012,7054
01,989$11.30$12.20—$111.0027.86%$0.70$0.956,8797
0583$9.80$10.80—$112.5026.67%$0.90$1.0510,39212
5945$8.50$9.50—$114.0025.88%$1.10$1.306,6108
13,602$8.30$8.70—$115.0025.34%$1.25$1.505,56532
2131$7.20$7.90—$116.0024.80%$1.40$1.75541
1034,625$6.40$6.80—$117.5024.17%$1.80$2.10399107
153,336$5.40$5.60—$119.0023.89%$2.10$2.80562
77,800$4.70$5.10—$120.0022.68%$2.55$2.803,8171
201,486$4.10$4.40—$121.0023.64%$2.95$3.60140
5954$3.20$3.6023.12%$122.50—$3.60$4.302,1762
5740$2.50$2.8522.58%$124.00—$4.20$5.00140
141,159$2.15$2.3022.08%$125.00—$5.00$5.605,0070
0185$1.80$2.0522.29%$126.00—————
203,360$1.35$1.5521.93%$127.50—$6.50$7.703,0000
35561$1.00$1.2021.88%$129.00—————
174,927$0.75$1.0021.56%$130.00—$8.60$9.70100
1977$0.70$0.8522.15%$131.00—————
—————$132.50—$10.70$13.2020

Forward $121.95. The 25-delta put carries +2.92 volatility points over the 25-delta call.

2027-01-15(67 days)ATM 22.88%±11.96skew +2.35
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
024$22.50$24.90—$98.00—————
115$22.60$24.40—$98.50—————
013$21.50$23.90—$99.00—————
010$22.00$23.40—$99.50—————
02,420$21.80$22.90—$100.00—————
010$18.90$20.60—$102.50—————
294$17.00$18.30—$105.0029.32%$0.65$0.957,2570
047$13.80$16.00—$107.5027.80%$0.85$1.155,759560
42,223$13.30$14.30—$110.0026.83%$1.15$1.5011,34129
09,378$9.80$11.70—$112.5025.24%$1.50$1.801,452106
2409,768$8.90$9.70—$115.0023.86%$2.00$2.208,05272
0919$5.90$7.80—$117.5024.06%$2.65$3.303702
205,704$5.40$6.20—$120.0023.28%$3.50$4.209650
2431$4.30$4.7022.90%$122.50—$4.60$5.402770
292,645$3.10$3.5022.15%$125.00—$5.70$6.60500
101,192$2.25$2.5021.75%$127.50—————
03,676$1.55$1.8021.52%$130.00—$9.10$10.0002
20854$1.05$1.2521.33%$132.50—————
042$0.75$0.9021.67%$135.00—————
0168$0.50$0.7022.12%$137.50—————
0462$0.30$0.5022.11%$140.00—————

Forward $122.00. The 25-delta put carries +2.35 volatility points over the 25-delta call.

2027-03-19(130 days)ATM 23.06%±16.88skew +3.73
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
022$12.90$14.90—$111.0025.60%$2.10$3.302,2580
09$12.30$14.20—$112.0025.77%$2.55$3.506300
018$11.70$13.30—$113.0025.63%$2.80$3.80380
0335$11.20$12.60—$114.0023.88%$3.00$3.409,553249
03,279$10.40$11.80—$115.0023.94%$3.30$3.809260
04,258$9.20$11.10—$116.0024.88%$3.60$4.70290
12102$9.40$10.40—$117.0024.37%$3.90$4.902980
25628$8.60$9.70—$118.0023.43%$4.20$4.9038660
0221$8.30$9.10—$119.0022.80%$4.60$5.002949
04,343$6.80$8.50—$120.0022.82%$4.90$5.6010059
01,305$6.90$7.90—$121.0022.76%$5.40$6.001715
0904$6.70$7.40—$122.0022.44%$5.80$6.40470
879$5.90$6.8022.57%$123.00—$6.30$7.00100
748$5.80$6.3023.08%$124.00—$6.70$8.40100
14156$5.10$5.8022.47%$125.00—$7.30$9.00440
1010$4.90$5.4022.82%$126.00—————
04,081$4.30$5.0022.40%$127.00—————
03$2.85$4.3020.99%$129.00—————
217$3.40$3.9022.42%$130.00—————
01$3.10$3.6022.39%$131.00—————
2326$2.10$2.4522.04%$135.00—————

Forward $122.70. The 25-delta put carries +3.73 volatility points over the 25-delta call.

2027-06-17(220 days)ATM 23.28%±22.36
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
042$13.80$15.70—$113.0025.32%$4.20$5.3040
0159$13.10$15.20—$114.0024.69%$4.20$5.60100
01,803$12.40$14.40—$115.0024.33%$4.60$5.705,2510
0143$11.70$13.80—$116.0024.82%$5.10$6.3050
0136$11.10$13.40—$117.0024.23%$5.10$6.701550
024$10.50$12.40—$118.0024.18%$5.50$7.10900
04,006$9.90$11.80—$119.0024.50%$6.20$7.5020
0109$9.40$11.20—$120.0023.94%$6.30$7.9010
016$8.70$10.60—$121.00—————
029$8.80$10.00—$122.00—————
01$7.80$9.50—$123.00—————
021$7.20$9.0022.05%$124.00—————
038$7.60$8.5023.10%$125.00—$8.60$10.0030
019$7.40$8.0023.29%$126.00—$9.10$10.9010
02$6.40$7.1022.87%$128.00—————
02,180$6.10$6.6022.79%$129.00—————
0365$4.70$6.2021.30%$130.00—$11.50$12.3021
029$5.30$5.8022.50%$131.00—————
067$4.00$5.4021.03%$132.00—————
618$4.10$5.1021.60%$133.00—————
019$4.30$4.8022.28%$134.00—————

Forward $123.72. Not enough surviving quotes on both wings to measure the skew here.

2027-09-17(312 days)ATM 23.84%±27.51skew +3.84
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$61.50$65.20—$60.00—————
01$42.80$46.20—$80.00—————
—————$85.0031.14%$0.95$1.452750
072$34.10$36.30—$90.0030.28%$1.40$2.002960
042$30.30$31.90—$95.0029.10%$1.95$2.601,0500
08$25.40$27.70—$100.0027.20%$2.60$3.001,2691
056$21.40$23.90—$105.0026.47%$3.40$4.208470
02$17.70$20.10—$110.0025.90%$4.60$5.6040
015$14.30$16.70—$115.0024.85%$5.90$7.10170
01$12.50$13.80—$120.0024.56%$7.80$9.2020
05$10.20$11.1024.22%$125.00—————
05$6.00$6.6022.75%$135.00—————
02$4.40$5.2022.45%$140.00—————
01$3.30$3.8022.06%$145.00—$23.70$26.10250
500$2.40$2.8021.78%$150.00—————
230$1.75$2.1521.82%$155.00—————

Forward $124.82. The 25-delta put carries +3.84 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.