Options Skew Analytics

ZTS option chain

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

Data as of 23 September 2026 (end of day)

2026-11-20(58 days)ATM 42.64%±12.21skew -1.40
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$30.00$34.10—$40.00—————
01$12.30$14.10—$60.0041.78%$0.70$0.8567823
—————$65.0041.41%$1.80$1.95329130
4210$5.50$5.80—$70.0041.96%$3.70$4.0013831
48118$3.30$3.8042.95%$75.00—$6.50$7.40672
26803$1.85$2.2542.80%$80.00—$10.10$11.807414
40989$1.05$1.3043.45%$85.00—$13.70$14.6062
1094$0.55$0.7043.47%$90.00—————
48$0.25$0.4043.66%$95.00—————
—————$105.00—$31.30$33.7003

Forward $71.81. The 25-delta put carries -1.40 volatility points over the 25-delta call.

2026-12-18(86 days)ATM 38.66%±13.57skew +0.97
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$30.00$34.10—$40.00—————
04$25.10$29.00—$45.00—————
018$20.90$23.70—$50.00—————
04$17.00$19.50—$55.0039.81%$0.35$0.505784
037$12.80$14.50—$60.0039.93%$1.00$1.252,29411
143$9.10$10.40—$65.0040.18%$2.30$2.552,05859
0180$6.20$7.10—$70.0039.80%$4.10$4.601,49442
171,071$4.00$4.4038.45%$75.00—$6.80$7.601,2534
8703$2.45$3.1039.81%$80.00—$9.40$11.003680
4453$1.50$1.7539.21%$85.00—$12.80$15.003772
2982$0.85$1.3040.82%$90.00—$17.10$19.40650
7298$0.50$0.8041.21%$95.00—$21.70$24.20430
11818$0.30$0.4541.27%$100.00—$26.50$28.802020
—————$105.00—$31.40$33.80240
—————$120.00—$46.30$49.7001

Forward $72.32. The 25-delta put carries +0.97 volatility points over the 25-delta call.

2027-01-15(114 days)ATM 38.87%±15.75skew -0.47
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
015$30.10$34.10—$40.00—————
07$25.40$29.20—$45.00—————
0151$22.00$24.50—$50.00—————
09$17.60$20.00—$55.0038.46%$0.50$0.752310
0322$13.50$15.80—$60.0038.48%$1.20$1.701,7181
1251$9.90$11.90—$65.0038.98%$2.50$3.301,4890
2217$7.10$8.00—$70.0038.74%$4.50$5.301,7531
1637$4.80$5.5038.90%$75.00—$7.20$8.002,8280
31,015$3.20$3.8039.08%$80.00—$9.90$11.406960
1784$1.95$2.7539.45%$85.00—$13.70$15.401400
31,580$1.30$1.6539.07%$90.00—$17.80$19.801161
0785$0.80$1.3040.50%$95.00—$22.20$24.30400
11,134$0.50$0.7539.91%$100.00—$27.60$28.90780
—————$105.00—$31.60$33.80620
—————$110.00—$36.30$38.80670
—————$115.00—$41.30$45.3050
—————$120.00—$46.30$50.2090
—————$125.00—$51.30$55.2040
—————$130.00—$56.30$60.2010
—————$135.00—$61.30$65.2010
—————$140.00—$66.30$70.2010

Forward $72.52. The 25-delta put carries -0.47 volatility points over the 25-delta call.

2027-03-19(177 days)ATM 39.95%±20.21skew -0.87
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$30.10$34.20—$40.00—————
02$27.00$29.50—$45.0042.72%$0.30$0.45810
0103$22.70$24.80—$50.0041.39%$0.70$0.852131
019$18.50$20.30—$55.0040.67%$1.25$1.753760
137$14.80$16.10—$60.0040.59%$2.50$2.905930
070$11.60$13.80—$65.0039.98%$3.90$4.704240
0129$8.90$9.60—$70.0040.48%$6.30$6.905941
451,023$6.70$7.1039.94%$75.00—$8.80$9.605140
66485$5.00$5.5040.42%$80.00—$11.90$12.902320
3931$3.60$4.6041.56%$85.00—$15.10$16.501250
82,198$2.65$3.4041.46%$90.00—$18.80$20.605560
0962$1.90$2.6541.82%$95.00—$23.00$24.9090
21,281$1.50$1.8541.89%$100.00—$27.70$29.40210
—————$105.00—$31.70$34.10520
085$0.75$0.9541.48%$110.00—$37.70$38.80201
065$0.55$0.7542.03%$115.00—$41.30$43.80210

Forward $72.65. The 25-delta put carries -0.87 volatility points over the 25-delta call.

2027-04-16(205 days)ATM 39.30%±21.45skew -0.99
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$50.0040.30%$0.75$1.0560
02$19.00$20.90—$55.0039.37%$1.40$1.90160
—————$60.0039.67%$2.50$3.40200
—————$65.0039.17%$4.10$5.10200
—————$70.0039.56%$6.60$7.20731
03$7.10$7.7039.11%$75.00—$9.00$10.00420
0228$5.20$6.7040.60%$80.00—$11.20$13.50440
027$3.90$5.2040.62%$85.00—$15.10$17.1010
05$2.70$4.1040.36%$90.00—————
04$2.00$3.2040.66%$95.00—————
068$1.60$2.5041.38%$100.00—————
012$0.85$1.3540.90%$110.00—$36.50$40.3001

Forward $72.85. The 25-delta put carries -0.99 volatility points over the 25-delta call.

2027-06-17(267 days)ATM 41.16%±25.85skew +1.68
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
036$32.00$34.50—$40.00—————
013$27.60$30.00—$45.00—————
0648$23.50$25.80—$50.0041.62%$1.20$1.75390
032$19.90$22.00—$55.0041.94%$2.10$3.101270
021$16.50$18.70—$60.0041.45%$3.40$4.601310
060$13.50$15.70—$65.0041.26%$5.30$6.402522
064$10.60$13.00—$70.0040.40%$7.40$8.50670
0147$8.40$10.0040.69%$75.00—$10.10$11.302730
0184$6.90$8.2041.31%$80.00—$12.90$14.401010
0356$5.30$6.7041.04%$85.00—$15.70$18.0070
0144$3.90$5.3040.21%$90.00—$19.50$21.6010
0255$3.30$4.4041.26%$95.00—$24.00$25.7030
4414$2.35$3.2039.77%$100.00—$28.10$29.90210
041$1.80$2.9541.01%$105.00—$32.50$34.5020
048$1.55$2.2541.19%$110.00—$37.20$39.1020
—————$115.00—$41.50$44.1010

Forward $73.45. The 25-delta put carries +1.68 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.