Options Skew Analytics

XLY option chain

Strikes around the forward, as they were quoted at the close

Data as of 23 September 2026 (end of day)

2026-10-02(9 days)ATM 19.34%±3.37skew +2.51
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$107.0024.27%$0.30$0.5010
—————$108.0022.53%$0.45$0.6052
01$2.45$2.60—$109.0021.62%$0.65$0.85110
—————$110.0020.24%$0.90$1.155118
—————$110.5019.94%$1.10$1.3511
176$1.20$1.3019.24%$111.00—$1.30$1.55311
100$0.95$1.1019.19%$111.50—$1.55$1.8502
02$0.65$0.9018.32%$112.00—$1.85$2.1541
03$0.60$0.7018.91%$112.50—$2.10$2.50115
034$0.45$0.7020.01%$113.00—$2.45$2.9560
08$0.30$0.5018.96%$113.50—————
—————$116.00—$4.20$5.8050
—————$116.50—$4.00$6.1010
—————$117.50—$5.20$7.1020
—————$118.00—$5.50$7.9030

Forward $110.82. The 25-delta put carries +2.51 volatility points over the 25-delta call.

2026-10-09(16 days)ATM 19.48%±4.52skew +2.02
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
092$20.50$22.10—$90.00—————
092$15.80$16.30—$95.00—————
—————$107.0021.67%$0.45$0.7520
—————$108.0020.66%$0.60$0.9551
—————$109.0019.92%$0.85$1.20370
—————$110.0019.80%$1.25$1.55220
—————$111.00—$1.65$2.0520
05$1.15$1.4018.94%$112.00—$2.20$2.50110
05$0.95$1.1518.51%$112.50—$2.45$2.9011
05$0.80$1.0018.68%$113.00—————
051$0.60$0.8518.31%$113.50—————
01$0.50$0.7518.64%$114.00—————
—————$115.00—$3.90$4.8010
—————$115.50—$3.70$5.4020
—————$117.00—$5.00$6.80210
—————$120.00—$7.50$9.90500

Forward $110.92. The 25-delta put carries +2.02 volatility points over the 25-delta call.

2026-10-16(23 days)ATM 19.47%±5.43skew +2.62
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
06$7.30$7.80—$104.00—————
01$6.10$7.90—$105.0022.85%$0.45$0.657560
—————$106.0021.93%$0.55$0.801380
—————$107.0021.52%$0.75$1.001,0103
02$3.90$4.20—$108.0020.88%$1.00$1.204580
0232$3.20$3.50—$109.0020.23%$1.25$1.501,4942
039$2.60$2.80—$110.0019.72%$1.65$1.8057411
—————$110.5019.70%$1.80$2.102110
0813$2.05$2.2519.51%$111.00—$2.05$2.305592
—————$111.50—$2.15$2.5561
5171$1.60$1.7519.29%$112.00—$2.45$2.854128
09$1.35$1.6519.50%$112.50—$2.70$3.10120
1724$1.15$1.3518.84%$113.00—$3.00$3.401182
662,630$0.85$1.0518.93%$114.00—$3.60$4.201440
066$0.60$0.8018.90%$115.00—$4.50$4.904,5235
40$0.45$0.7018.62%$115.50—————
—————$116.00—$5.40$5.801413
3269$0.30$0.5019.55%$117.00—$5.60$6.904,0802
—————$118.00—$7.30$7.804,2104
—————$119.00—$7.90$8.702040
5165$0.15$0.2521.39%$120.00—$8.70$10.70124

Forward $110.97. The 25-delta put carries +2.62 volatility points over the 25-delta call.

2026-10-23(30 days)ATM 20.10%±6.40skew +2.03
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$106.0022.69%$0.80$1.15190
—————$107.0021.31%$0.95$1.25018
—————$108.0021.25%$1.20$1.6005
—————$111.0020.21%$2.30$2.7542
—————$112.00—$2.80$3.2010
—————$112.50—$2.90$3.6030
—————$113.00—$3.30$3.7020
01$1.20$1.6519.13%$113.50—$3.60$4.1010
01$1.05$1.6019.66%$114.00—————
180$0.80$1.2019.28%$115.00—————
—————$115.50—$4.80$5.8010
023$0.60$0.9019.07%$116.00—————
—————$121.00—$8.50$11.5030

Forward $111.07. The 25-delta put carries +2.03 volatility points over the 25-delta call.

2026-11-20(58 days)ATM 20.99%±9.32skew +2.69
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0—$15.80$18.40—$95.00—————
—————$99.0026.65%$0.65$0.8505
—————$104.0023.41%$1.25$1.4505
—————$105.0023.32%$1.55$1.651252
—————$106.0023.02%$1.75$1.95024
23$4.30$4.60—$110.0020.76%$2.80$3.2025720
—————$111.0020.61%$3.30$3.60146
841$3.30$3.5021.07%$112.00—$3.90$4.2031
51$2.90$3.0020.96%$113.00—————
15$2.35$2.7520.91%$114.00—————
111$2.00$2.2020.31%$115.00—————
21403$1.65$2.0520.68%$116.00—$5.90$6.6050
054$1.35$1.6020.02%$117.00—————
042$1.15$1.5020.63%$118.00—————
05$0.95$1.1520.14%$119.00—————
18584$0.75$1.1020.58%$120.00—————
—————$130.00—$17.30$21.20—0

Forward $111.35. The 25-delta put carries +2.69 volatility points over the 25-delta call.

2026-12-18(86 days)ATM 20.91%±11.35skew +4.05
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
090$14.90$16.10—$97.5025.68%$0.75$1.001,9312,000
064$12.80$13.30—$100.0024.88%$1.10$1.302,0291
0449$10.70$11.40—$102.5023.93%$1.50$1.708870
04$9.60$10.10—$104.0023.83%$1.80$2.154310
0495$8.80$9.10—$105.0022.74%$1.90$2.256,3482
—————$106.0022.66%$2.25$2.50530
0639$7.00$7.40—$107.5022.27%$2.70$2.9544,73019
—————$109.0021.69%$3.10$3.50101200
0429$5.30$5.80—$110.0021.28%$3.40$3.9015,5415
161,958$4.80$5.20—$111.0021.44%$4.00$4.301,68617
26539$4.10$4.3020.89%$112.50—$4.60$5.009,47028
1681$3.20$3.6020.15%$114.00—$5.30$6.004770
03,223$2.85$3.2020.20%$115.00—$5.80$6.605,3750
136$2.45$2.8019.96%$116.00—$6.40$7.30230
0642$1.95$2.3019.78%$117.50—$7.50$8.103580
13,252$1.60$1.8519.76%$119.00—$8.40$9.40400
27,874$1.35$1.6519.79%$120.00—$9.60$10.203,27259
01,045$1.10$1.5019.81%$121.00—$10.40$11.1080
0843$0.85$1.2019.73%$122.50—$10.80$12.302,1780
0563$0.75$1.0020.25%$124.00—————
10970$0.55$0.8519.84%$125.00—$12.90$14.805,0670

Forward $111.89. The 25-delta put carries +4.05 volatility points over the 25-delta call.

2027-01-15(114 days)ATM 20.72%±12.96skew +4.32
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
016$16.90$18.90—$95.5025.97%$0.80$1.25450
09$16.80$17.90—$96.0025.75%$0.85$1.30260
039$16.20$18.00—$96.5025.33%$0.90$1.3050
023$15.60$17.60—$97.0025.27%$0.95$1.4080
0117$15.30$17.10—$97.5025.18%$1.15$1.351,1521
024$15.00$16.30—$98.0025.07%$1.10$1.55270
015$14.40$16.30—$98.5024.93%$1.20$1.605,1710
013$13.90$15.80—$99.0024.61%$1.25$1.653270
013$13.70$15.00—$99.5024.43%$1.35$1.70550
02,406$13.40$13.90—$100.0024.83%$1.60$1.8020,7031
010$11.10$12.30—$102.5024.13%$2.10$2.307,2900
090$9.50$10.00—$105.0022.88%$2.55$2.854,7720
038$7.70$8.20—$107.5022.22%$3.30$3.607667
2,000117$6.20$6.70—$110.0021.32%$4.20$4.407,0882,132
28,268$4.60$5.1020.75%$112.50—$5.10$5.708490
56,822$3.60$3.9020.51%$115.00—$6.30$7.007,8811
0606$2.60$2.9520.02%$117.50—$7.80$8.602680
35,633$1.90$2.2019.86%$120.00—$9.80$10.8086640
1524$1.35$1.6519.82%$122.50—$11.90$12.602770
41,603$1.00$1.2520.07%$125.00—$14.20$14.70510
81,195$0.75$0.9020.23%$127.50—$15.20$18.10131

Forward $111.94. The 25-delta put carries +4.32 volatility points over the 25-delta call.

2027-03-19(177 days)ATM 21.24%±16.68skew +2.85
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$103.0023.14%$2.70$3.40240
—————$104.0022.77%$2.95$3.6060
01$11.00$12.10—$105.0022.73%$3.20$4.00120
—————$106.0022.87%$3.80$4.20821
—————$107.0022.23%$3.80$4.6090
01$9.10$10.00—$108.0021.70%$4.10$4.80750
01$8.40$9.30—$109.0021.80%$4.50$5.30147
50$7.80$8.60—$110.0021.82%$5.10$5.60370
024$7.30$8.00—$111.0021.10%$5.20$6.001170
14$6.80$7.30—$112.0021.47%$6.00$6.4049835
011$6.20$6.8021.59%$113.00—$6.50$7.00208
1294$5.70$6.2021.24%$114.00—$6.60$7.509,4280
129225$5.30$5.6020.98%$115.00—$7.10$8.204052
214,213$4.90$5.4021.30%$116.00—$7.70$8.70120
016$4.40$4.9020.89%$117.00—$8.30$9.402560
0449$4.00$4.6020.90%$118.00—$8.90$10.003790
4671$3.60$4.0020.33%$119.00—$9.50$10.602920
05,529$3.30$3.9020.71%$120.00—$10.20$11.20400
0666$3.00$3.5020.49%$121.00—$10.90$12.1020
0890$2.70$3.3020.57%$122.00—$11.60$12.9040
05$2.45$2.9020.29%$123.00—$12.30$13.60100

Forward $112.74. The 25-delta put carries +2.85 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.