{"slug":"what-is-volatility-skew","qid":"inverted_board","label":"Steepest INVERTED skew: OTM calls pricier than OTM puts, July 15, 2026","post_title":"What Is Volatility Skew? The Smile, Measured","post_url":"/blog/what-is-volatility-skew#q-inverted_board","columns":["ticker","otm_call_iv_pct","otm_put_iv_pct","call_over_put_points"],"rows":[{"ticker":"ASTS","otm_call_iv_pct":169.2,"otm_put_iv_pct":69.9,"call_over_put_points":99.3},{"ticker":"AEHR","otm_call_iv_pct":149.4,"otm_put_iv_pct":123.9,"call_over_put_points":25.4},{"ticker":"RDW","otm_call_iv_pct":117.8,"otm_put_iv_pct":98.1,"call_over_put_points":19.6},{"ticker":"AAOI","otm_call_iv_pct":154.9,"otm_put_iv_pct":136.7,"call_over_put_points":18.3},{"ticker":"PL","otm_call_iv_pct":100.8,"otm_put_iv_pct":85.5,"call_over_put_points":15.3},{"ticker":"MDB","otm_call_iv_pct":83.9,"otm_put_iv_pct":69.4,"call_over_put_points":14.5},{"ticker":"UAL","otm_call_iv_pct":60.9,"otm_put_iv_pct":48,"call_over_put_points":12.9},{"ticker":"RKLB","otm_call_iv_pct":103.4,"otm_put_iv_pct":91.4,"call_over_put_points":12}],"shape":"ranking","sql":"SELECT underlying_symbol AS ticker,\n       round(100 * call_iv, 1) AS otm_call_iv_pct,\n       round(100 * put_iv, 1) AS otm_put_iv_pct,\n       round(100 * (call_iv - put_iv), 1) AS call_over_put_points\nFROM (\n    SELECT underlying_symbol,\n           medianIf(implied_volatility, option_type = 'P' AND strike_price / underlying_close BETWEEN 0.85 AND 0.95) AS put_iv,\n           medianIf(implied_volatility, option_type = 'C' AND strike_price / underlying_close BETWEEN 1.05 AND 1.15) AS call_iv\n    FROM global_markets.options_greeks\n    WHERE date = toDate('2026-07-15') AND iv_converged AND implied_volatility BETWEEN 0.02 AND 5\n      AND expiration_date BETWEEN date + 20 AND date + 60\n      AND underlying_symbol NOT IN ('KORU','SOXL','SOXS','TQQQ','SQQQ','NVDL','NVDS','NVD','TSLL','TSLQ','TSLZ','SPXL','SPXS','UPRO','SPXU','LABU','LABD','FAS','FAZ','TNA','TZA','YINN','YANG','UDOW','SDOW','BOIL','KOLD','UCO','SCO','USD','SSO','SDS','QLD','QID','ERX','ERY','DRN','DRV','CURE','SOXY','MUU','SNXX','UVXY','SVXY','UVIX','SVIX','BULZ','WEBL','WEBS','DPST','DRIP','GUSH','AGQ','ZSL','BITX','ETHU','MSTX','MSTU','CONL','DUST','JNUG','JDST','NUGT','AMDL','NUAI','VXX','VIXY')\n    GROUP BY underlying_symbol\n    HAVING countIf(option_type = 'P' AND strike_price / underlying_close BETWEEN 0.85 AND 0.95) >= 5\n       AND countIf(option_type = 'C' AND strike_price / underlying_close BETWEEN 1.05 AND 1.15) >= 5\n       AND sum(volume) >= 2000\n)\nWHERE put_iv > 0 AND call_iv > 0 AND call_iv > put_iv\nORDER BY call_over_put_points DESC\nLIMIT 8","computed_at":"2026-08-14T14:33:38.897835+00:00","elapsed":0.0039864}