Options Skew Analytics

ZS 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 62.28%±9.86skew -3.71
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
2288$27.00$29.55—$185.00—————
9176$24.85$27.00—$187.5080.85%$0.04$0.0812423
12679$21.95$24.40—$190.0076.12%$0.05$0.1058369
6203$19.50$21.90—$192.50—————
27450$17.95$19.45—$195.00—————
15431$15.60$17.10—$197.50—————
67376$13.20$14.70—$200.00—————
15564$10.80$12.35—$202.50—————
70640$8.45$10.20—$205.00—————
35259$7.55$8.30—$207.5060.83%$1.19$1.7098376
3131,058$5.80$6.35—$210.0060.45%$1.85$2.53131545
91173$4.30$5.15—$212.5064.05%$2.85$4.002188
734822$3.10$3.5061.33%$215.00—$4.05$5.001357
149235$2.22$2.5061.98%$217.50—$5.65$7.1503
695647$1.54$1.9564.55%$220.00—$7.45$8.3507
6348$1.04$1.2964.39%$222.50—————
148846$0.74$0.9166.28%$225.00—————
2935$0.44$0.6466.74%$227.50—————
—————$235.00—$20.85$23.1520
—————$240.00—$25.80$28.1517
—————$245.00—$30.60$33.1041

Forward $213.77. The 25-delta put carries -3.71 volatility points over the 25-delta call.

2026-10-02(9 days)ATM 55.05%±18.50skew -2.00
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
227$25.10$27.65—$187.50—————
4158$22.75$25.10—$190.0053.85%$0.56$0.679826
2534$20.95$22.80—$192.5054.31%$0.71$1.0726773
4259$18.30$20.65—$195.0053.42%$1.06$1.25717
659$16.00$18.75—$197.5056.92%$1.42$2.28178
25373$14.55$16.55—$200.0053.64%$1.95$2.218043
1867$13.65$14.70—$202.5053.74%$2.54$2.871218
22281$12.10$12.85—$205.0057.47%$3.30$4.451524
2127$9.55$11.20—$207.5057.32%$4.10$5.40203
95232$9.20$9.70—$210.0056.39%$5.15$6.15697
737$7.85$8.35—$212.5054.90%$6.30$6.9027
60191$6.65$7.1555.06%$215.00—$7.55$8.2513
1421$5.60$6.0555.14%$217.50—$8.95$9.700125
86132$4.65$5.1055.20%$220.00—$10.55$12.2003
618$3.85$4.3055.49%$222.50—————
31239$3.20$3.6556.12%$225.00—————
528$2.22$3.3055.74%$227.50—————
86133$2.27$2.5657.55%$230.00—————
310$1.70$2.0756.76%$232.50—————
443$1.41$1.7257.45%$235.00—————
1039$0.88$1.2258.42%$240.00—$26.55$29.0010

Forward $214.00. The 25-delta put carries -2.00 volatility points over the 25-delta call.

2026-10-09(16 days)ATM 57.51%±25.81skew -3.51
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
016$30.75$33.35—$182.5058.33%$0.80$1.31243
162$28.50$31.00—$185.0057.74%$1.08$1.513618
024$26.75$29.00—$187.5060.41%$1.45$2.31151
376$24.00$26.80—$190.0057.96%$1.76$2.352820
072$22.05$24.70—$192.5056.42%$2.18$2.53614
586$21.40$22.75—$195.0056.54%$2.70$3.101812
05$18.45$20.95—$197.5056.43%$3.30$3.70120
15221$17.65$18.95—$200.0056.60%$4.00$4.4523725
1727$16.25$17.45—$202.5056.81%$4.80$5.302533
656$15.10$15.95—$205.0057.02%$5.70$6.25921
113$13.40$14.20—$207.5057.24%$6.70$7.3032
74169$12.35$12.80—$210.0057.46%$7.80$8.4510421
15208$10.75$11.65—$212.50—————
679$9.55$10.3557.35%$215.00—$10.20$10.9547
519$8.50$9.3557.86%$217.50—$11.50$12.5002
23114$7.55$8.2057.71%$220.00—$13.05$14.05026
280146$6.10$6.5058.92%$225.00—$16.45$17.35016
8155$4.45$5.1558.70%$230.00—$20.15$22.6002
762$3.40$4.2560.11%$235.00—$23.95$26.0502
464$2.58$3.1560.05%$240.00—————
175$1.85$2.3059.60%$245.00—————

Forward $214.37. The 25-delta put carries -3.51 volatility points over the 25-delta call.

2026-10-16(23 days)ATM 56.03%±30.16skew +0.86
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$182.5056.65%$1.62$1.9785
219735$30.75$31.95—$185.0055.63%$1.96$2.1730959
10$27.45$30.05—$187.5056.71%$2.37$2.90818
68545$25.45$27.85—$190.0055.70%$2.86$3.15446385
10$23.55$25.80—$192.5055.56%$3.40$3.70742
18216$22.85$23.95—$195.0055.49%$4.00$4.35821121
22$20.05$22.20—$197.5058.44%$4.60$6.20260
4662,340$19.55$20.45—$200.0055.61%$5.50$5.9013529
143$16.70$18.90—$202.5058.49%$6.35$7.90291
44107$15.75$17.35—$205.0055.84%$7.30$7.851636
32105$15.25$15.90—$207.5055.88%$8.35$8.901029
4191,189$13.90$14.50—$210.0056.00%$9.50$10.0526380
6129$12.60$13.20—$212.5055.95%$10.70$11.2503
121295$11.45$12.0055.98%$215.00—$12.00$12.55828
10720$10.35$10.9056.07%$217.50—$13.40$14.00014
2073,403$9.35$9.8556.13%$220.00—$14.90$15.451342
45360$7.60$8.0556.47%$225.00—$18.10$20.30010
99909$6.15$6.5556.91%$230.00—$21.60$22.95112
457$4.85$5.3057.09%$235.00—————
377688$3.95$4.2057.58%$240.00—$29.30$31.7020
516$3.00$3.4557.84%$245.00—————

Forward $214.45. The 25-delta put carries +0.86 volatility points over the 25-delta call.

2026-10-23(30 days)ATM 55.52%±34.19skew -2.11
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$32.55$35.90—$182.5058.98%$2.25$3.7057
123$31.20$33.45—$185.0055.43%$2.64$3.2565
01$28.50$31.50—$187.5055.21%$3.20$3.65210
2760$26.55$29.10—$190.0055.36%$3.85$4.204112
019$24.75$27.25—$192.5056.22%$4.50$5.1541
2113$24.05$25.40—$195.0055.23%$5.15$5.55110
07$21.15$23.65—$197.5055.34%$5.90$6.40112
15177$20.95$21.95—$200.0055.22%$6.80$7.1531
03$17.95$20.40—$202.5055.35%$7.65$8.2021
2249$16.55$18.90—$205.0055.36%$8.65$9.2010
211$16.90$17.45—$207.5055.48%$9.75$10.3003
1228$15.55$16.20—$210.0055.70%$10.90$11.5520
1911$14.30$14.90—$212.5055.81%$12.20$12.7502
11314$13.25$13.7555.62%$215.00—$13.45$14.0010
821$12.05$12.6555.52%$217.50—————
936$11.10$11.6555.84%$220.00—$16.35$16.9501
423$9.30$9.7556.06%$225.00—$19.50$20.3520
665$7.65$8.1556.16%$230.00—$22.90$23.5510
09$6.30$6.8556.57%$235.00—————
518$5.20$5.7557.08%$240.00—$30.25$32.15014
02$4.25$4.7557.33%$245.00—$34.30$36.8502

Forward $214.77. The 25-delta put carries -2.11 volatility points over the 25-delta call.

2026-10-30(37 days)ATM 55.84%±38.03skew -2.46
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$33.50$36.25—$182.5054.45%$3.10$3.5574
413$31.55$34.35—$185.0054.67%$3.55$4.25194
04$29.65$33.10—$187.5056.26%$4.10$5.5071
572$27.75$30.80—$190.0055.27%$4.60$5.95605
18$26.00$28.60—$192.50—————
851$24.25$26.95—$195.0053.61%$6.00$6.8522
02$23.85$25.00—$197.5055.05%$6.95$8.2520
282$20.95$23.75—$200.0054.13%$7.80$8.80254
—————$202.5056.10%$8.75$10.8010
11275$19.15$20.55—$205.0055.84%$9.85$11.7010
05$18.10$19.15—$207.50—————
638$16.70$17.95—$210.0056.21%$12.10$14.301433
103$15.50$16.55—$212.5056.33%$13.30$15.7001
2434$14.10$15.3056.31%$215.00—$14.75$16.901100
012$12.75$14.2055.83%$217.50—$15.95$18.45040
6214$11.95$13.1556.23%$220.00—————
412$9.80$11.4055.98%$225.00—————
0107$8.50$10.0557.25%$230.00—————
14$7.35$8.2057.05%$235.00—$27.55$29.0008
2181$5.95$6.9556.76%$240.00—————
025$4.55$5.9056.08%$245.00—————

Forward $213.87. The 25-delta put carries -2.46 volatility points over the 25-delta call.

2026-11-20(58 days)ATM 56.16%±48.20skew -2.21
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
046$68.80$71.35—$145.0058.45%$0.69$0.813055
0170$65.75$66.65—$150.0057.63%$0.94$1.0847126
0135$59.50$62.05—$155.0056.98%$1.19$1.529863
2136$54.95$57.55—$160.0056.79%$1.70$1.9935122
2116$50.60$53.10—$165.0056.60%$2.33$2.5945434
111,462$46.30$48.95—$170.0056.75%$3.05$3.5049114
1258$43.50$44.90—$175.0055.82%$3.90$4.203087
7715$38.25$40.95—$180.0056.20%$5.10$5.4044816
8130$34.70$37.25—$185.0055.62%$6.25$6.602917
21805$32.05$33.60—$190.0055.67%$7.70$8.2026913
14140$29.00$30.40—$195.0055.68%$9.40$9.95981
27755$26.50$27.30—$200.0055.63%$11.35$11.8553915
83380$21.25$21.90—$210.0055.84%$15.95$16.457017
1,0641,298$16.85$17.2056.12%$220.00—$21.35$22.00473
2361,763$13.20$13.7556.77%$230.00—$27.75$28.35691
321,018$10.25$10.7557.07%$240.00—$34.70$37.10570
30272$7.90$8.3557.38%$250.00—$42.40$44.60100
16499$6.10$6.5057.88%$260.00—————
3301,734$4.60$5.0558.17%$270.00—————
13178$3.45$4.0058.68%$280.00—$67.85$70.50100
1—$2.50$3.1058.75%$290.00—$77.00$79.70—0

Forward $215.32. The 25-delta put carries -2.21 volatility points over the 25-delta call.

2026-12-18(86 days)ATM 62.20%±65.26skew -2.11
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0129$71.10$73.70—$145.0063.75%$2.30$2.704678
3137$67.10$69.45—$150.0063.49%$3.00$3.303275
0319$62.55$65.15—$155.0063.43%$3.40$4.501637
1149$58.70$61.15—$160.0062.87%$4.45$5.1029228
0124$55.80$57.10—$165.0063.08%$5.20$6.601510
4658$50.70$52.90—$170.0062.22%$6.70$7.101960
61,230$48.20$49.65—$175.0061.82%$7.85$8.452891
51,150$44.75$46.00—$180.0061.93%$9.45$9.953682
2266$41.00$42.70—$185.0061.75%$11.10$11.5589017
8397$37.90$39.60—$190.0061.62%$12.90$13.35167137
2335$35.25$36.60—$195.0061.39%$14.70$15.40218101
45773$32.80$33.80—$200.0061.66%$17.05$17.60492216
17526$28.00$28.75—$210.0061.80%$21.90$22.552206
90539$23.65$24.3562.06%$220.00—$27.40$28.205916
27988$19.95$20.5562.29%$230.00—$33.75$34.40881
60301$16.85$17.3562.70%$240.00—$40.30$41.652170
16579$14.15$14.6062.99%$250.00—$47.50$50.151440
13206$11.80$12.2563.18%$260.00—$55.25$57.80200
4447$9.90$10.4063.67%$270.00—$63.20$65.8590
3226$8.25$8.7063.86%$280.00—$71.70$74.15602
2140$6.80$7.4564.24%$290.00—$80.25$82.75500

Forward $216.16. The 25-delta put carries -2.11 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.