Options Skew Analytics

ZBRA option chain

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

Data as of 23 September 2026 (end of day)

2026-10-16(23 days)ATM 35.53%±33.22skew +5.96
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
22$98.60$105.70—$270.00—————
02$78.40$85.90—$290.00—————
02$70.00$75.70—$300.00—————
01$50.40$56.50—$320.0041.68%$1.00$1.35314
22$41.40$47.20—$330.0041.49%$1.65$2.75511
1010$33.30$38.70—$340.0038.96%$2.75$3.8081
14$26.20$29.10—$350.0039.35%$4.40$7.0076
1982$19.20$21.40—$360.0036.56%$7.10$9.00179
218$13.10$16.30—$370.0036.18%$11.00$13.4007
6812$8.80$10.4034.59%$380.00—————
1137$5.20$7.3034.62%$390.00—————
413$3.00$4.1033.39%$400.00—————
54$1.80$2.5533.99%$410.00—————
35$1.05$1.7035.04%$420.00—————

Forward $372.51. The 25-delta put carries +5.96 volatility points over the 25-delta call.

2026-11-20(58 days)ATM 43.61%±65.01skew +2.31
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
012$139.00$147.50—$230.00—————
01$121.70$126.80—$250.00—————
06$112.20$117.20—$260.0053.59%$0.90$1.5010144
012$102.20$107.70—$270.00—————
06$93.40$98.40—$280.0050.77%$1.80$2.651029
02$83.90$89.10—$290.00—————
013$74.30$80.70—$300.00—————
055$65.20$72.20—$310.0048.96%$4.80$7.0030
06$57.20$63.60—$320.00—————
013$51.10$55.90—$330.0045.88%$8.30$10.4060
115$44.40$48.90—$340.0044.90%$10.70$13.1060
0142$36.60$42.10—$350.0044.58%$14.00$16.6090
565$31.30$35.70—$360.0044.56%$17.70$21.2070
164$25.80$29.90—$370.0044.00%$22.20$25.60320
233$21.00$25.1043.59%$380.00—$26.50$30.30890
2032$17.00$19.5042.17%$390.00—$33.30$36.3010
280$13.80$17.0043.14%$400.00—$39.80$42.9030
16$10.60$14.0042.75%$410.00—————
167$7.80$11.3042.08%$420.00—————
764$6.50$9.1042.59%$430.00—————
014$4.00$6.4043.61%$450.00—————

Forward $373.98. The 25-delta put carries +2.31 volatility points over the 25-delta call.

2026-12-18(86 days)ATM 40.84%±74.26skew +2.39
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
032$113.40$118.70—$260.00—————
025$103.00$109.50—$270.0048.99%$2.45$3.30524
023$95.40$100.40—$280.0046.29%$3.00$3.604218
026$86.50$91.50—$290.0044.62%$3.60$4.603864
045$78.00$83.00—$300.0046.09%$4.90$7.6010
013$68.00$74.70—$310.0044.46%$6.50$8.70140
06$60.70$67.30—$320.0043.24%$7.70$11.1050
07$53.50$59.50—$330.0043.13%$10.70$13.6020
09$46.70$52.60—$340.0041.80%$13.50$15.80115
1432$41.30$45.30—$350.0041.32%$16.80$19.4072
025$34.30$40.00—$360.0040.89%$20.70$23.5001
816$30.20$34.80—$370.0040.99%$25.20$28.8010
1112$25.10$28.6040.77%$380.00—$30.40$34.0010
110$20.90$25.7041.43%$390.00—$34.90$39.7040
220$17.20$21.5040.85%$400.00—$41.40$46.1010
04$14.60$18.5041.27%$410.00—————
032$11.50$15.5040.69%$420.00—————
010$8.60$13.1040.08%$430.00—————
08$7.60$11.0040.74%$440.00—————
02$5.70$9.2040.34%$450.00—————
—————$460.00—$88.40$94.9020

Forward $374.60. The 25-delta put carries +2.39 volatility points over the 25-delta call.

2027-02-19(149 days)ATM 41.83%±100.99skew +2.05
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$108.00$115.20—$270.00—————
01$99.60$106.90—$280.0046.64%$6.50$9.1010
—————$290.0043.69%$7.30$9.303020
09$84.50$90.20—$300.0043.88%$10.10$11.2061
—————$310.0044.75%$12.30$15.40388
05$70.50$75.60—$320.0042.74%$14.60$16.3007
136$63.90$68.20—$330.0042.18%$17.50$19.204011
05$57.40$61.90—$340.0042.53%$20.80$23.9070
01$51.40$56.20—$350.0041.73%$24.60$27.006625
14$44.90$50.40—$360.0041.26%$28.60$31.2080
111$41.30$44.60—$370.0041.41%$33.50$36.4030
14$36.30$40.3041.60%$380.00—$38.90$42.0010
07$32.30$36.6041.88%$390.00—$44.10$47.4070
315$28.20$31.7041.09%$400.00—————
02$24.70$28.2040.99%$410.00—————
08$21.40$24.5040.52%$420.00—————
1414$18.30$21.3040.06%$430.00—————
07$16.20$19.3040.53%$440.00—————
08$13.70$17.5040.58%$450.00—————
07$11.00$15.6040.13%$460.00—————
036$8.40$12.3040.53%$480.00—————

Forward $377.81. The 25-delta put carries +2.05 volatility points over the 25-delta call.

2027-08-20(331 days)ATM 41.65%±152.68skew +2.73
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
03$163.10$171.00—$220.00—————
01$154.20$163.80—$230.00—————
—————$250.0048.07%$9.90$15.0060
—————$290.0043.50%$14.60$24.0010
01$101.00$110.40—$300.0043.22%$18.40$26.0010
—————$310.0044.05%$23.10$30.00220
01$91.00$97.00—$320.00—————
01$82.80$91.20—$330.0043.25%$31.00$35.9010
—————$350.0042.60%$39.10$43.90120
12$68.40$74.00—$360.0042.06%$43.20$48.00101
01$63.00$70.00—$370.0041.98%$48.30$52.8030
010$58.10$65.00—$380.00—————
02$53.00$61.0042.28%$390.00—$58.70$65.0020
03$48.80$57.0042.06%$400.00—————
0100$44.80$53.0041.76%$410.00—$67.70$75.601020
01$38.00$46.0041.47%$430.00—$81.00$88.0011
047$23.90$32.2040.67%$480.00—————
01$18.20$26.0040.52%$510.00—————
01$18.20$25.0041.48%$520.00—————
01$17.70$23.0041.75%$530.00—————
014$15.90$20.9041.32%$540.00—————

Forward $384.95. The 25-delta put carries +2.73 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.