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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 | 71.5% | -1.73 pts | +1.85 pts | — | Chart |
| 2026-09-30 | 79.0% | +1.37 pts | +2.57 pts | +7.47 pts | Chart |
| 2026-10-02 | 85.5% | +3.97 pts | +3.30 pts | +14.05 pts | Chart |
| 2026-10-09 | 89.9% | +0.98 pts | +1.21 pts | +18.44 pts | Chart |
| 2026-10-30 | 97.0% | -0.05 pts | +0.70 pts | +25.48 pts | Chart |
| 2026-12-25 | 104.9% | +0.31 pts | +0.68 pts | +33.37 pts | Chart |
| STRIKE | MONEYNESS | CALL IV | PUT IV | SKEW SPREAD | Chart |
|---|---|---|---|---|---|
| $4.2 | 91.5% | 98.8% | 98.8% | 0.00 pts | Chart |
| $4.3 | 93.7% | 86.5% | 86.5% | 0.00 pts | Chart |
| $4.4 | 95.8% | 77.5% | 77.5% | 0.00 pts | Chart |
| $4.5 | 98.0% | 72.5% | 72.5% | 0.00 pts | Chart |
| $4.6 | 100.2% | 71.5% | 71.5% | 0.00 pts | Chart |
| $4.7 | 102.4% | 74.2% | 74.2% | 0.00 pts | Chart |
| $4.8 | 104.6% | 79.9% | 79.9% | 0.00 pts | Chart |
| $4.9 | 106.7% | 87.5% | 87.5% | 0.00 pts | Chart |
| $5 | 108.9% | 96.5% | 96.5% | 0.00 pts | Chart |
| $5.1 | 111.1% | 106.3% | 106.3% | 0.00 pts | Chart |
| $5.2 | 113.3% | 116.4% | 116.4% | 0.00 pts | Chart |
| $5.3 | 115.4% | 126.8% | 126.8% | 0.00 pts | Chart |
| $5.4 | 117.6% | 137.1% | 137.1% | 0.00 pts | Chart |
| $5.6 | 122.0% | 157.6% | 157.6% | 0.00 pts | Chart |