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25Δ RR / fly from marked chain IVs. Smile is observed marks, not a fitted model. Research terminal.
Listed chain tenors only — not 7d / 30d / 90d buckets. Missing 25Δ wings or ATM stay —. Calendar is ATM IV minus front listed ATM.
| Tenor | ATM IV | 25Δ RR | 25Δ Fly | Cal vs front | Chart |
|---|---|---|---|---|---|
| 2026-09-29 | 99.0% | -1.22 pts | +1.96 pts | — | Chart |
| 2026-09-30 | 108.7% | -0.10 pts | +1.46 pts | +9.68 pts | Chart |
| 2026-10-02 | 118.0% | +3.88 pts | +3.56 pts | +18.93 pts | Chart |
| 2026-10-09 | 123.8% | +1.19 pts | +1.51 pts | +24.76 pts | Chart |
| 2026-10-30 | 133.5% | +0.06 pts | +0.10 pts | +34.46 pts | Chart |
| 2026-12-25 | — | -0.48 pts | +0.55 pts | — | Chart |
| STRIKE | MONEYNESS | CALL IV | PUT IV | SKEW SPREAD | Chart |
|---|---|---|---|---|---|
| $4 | 91.7% | 111.7% | 111.7% | 0.00 pts | Chart |
| $4.1 | 94.0% | 104.8% | 104.8% | 0.00 pts | Chart |
| $4.2 | 96.2% | 100.4% | 100.4% | 0.00 pts | Chart |
| $4.3 | 98.5% | 98.5% | 98.5% | 0.00 pts | Chart |
| $4.4 | 100.8% | 99.0% | 99.0% | 0.00 pts | Chart |
| $4.5 | 103.1% | 101.6% | 101.6% | 0.00 pts | Chart |
| $4.6 | 105.4% | 105.9% | 105.9% | 0.00 pts | Chart |
| $4.7 | 107.7% | 111.4% | 111.4% | 0.00 pts | Chart |
| $4.8 | 110.0% | 118.0% | 118.0% | 0.00 pts | Chart |
| $4.9 | 112.3% | 125.2% | 125.2% | 0.00 pts | Chart |
| $5 | 114.6% | 132.9% | 132.9% | 0.00 pts | Chart |
| $5.1 | 116.9% | 141.0% | 141.0% | 0.00 pts | Chart |
| $5.2 | 119.2% | 149.2% | 149.2% | 0.00 pts | Chart |
| $5.4 | 123.7% | 165.8% | 165.8% | 0.00 pts | Chart |
| $5.6 | 128.3% | 182.4% | 182.4% | 0.00 pts | Chart |