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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 | 88.7% | — | — | — | Chart |
| 2026-09-30 | 98.1% | +2.77 pts | +2.27 pts | +9.43 pts | Chart |
| 2026-10-02 | 106.7% | +2.00 pts | +2.22 pts | +18.04 pts | Chart |
| 2026-10-09 | 111.6% | +1.31 pts | +1.21 pts | +22.95 pts | Chart |
| 2026-10-30 | 120.3% | +0.06 pts | +0.13 pts | +31.60 pts | Chart |
| 2026-12-25 | 130.0% | -0.51 pts | +0.70 pts | +41.34 pts | Chart |