{"slug":"what-is-volatility-skew","qid":"spy_curve","label":"SPY implied volatility by strike: OTM puts below spot, OTM calls above, July 15, 2026","post_title":"What Is Volatility Skew? The Smile, Measured","post_url":"/blog/what-is-volatility-skew#q-spy_curve","columns":["strike_vs_spot","otm_iv_pct"],"rows":[{"strike_vs_spot":"85% of spot","otm_iv_pct":27.5},{"strike_vs_spot":"90% of spot","otm_iv_pct":22.3},{"strike_vs_spot":"95% of spot","otm_iv_pct":18.1},{"strike_vs_spot":"100% of spot","otm_iv_pct":13.4},{"strike_vs_spot":"105% of spot","otm_iv_pct":10.5},{"strike_vs_spot":"110% of spot","otm_iv_pct":12.2}],"shape":"ranking","sql":"SELECT concat(toString(round(100 * b)), '% of spot') AS strike_vs_spot,\n       round(100 * median(implied_volatility), 1) AS otm_iv_pct\nFROM (\n    SELECT implied_volatility, round(strike_price / underlying_close / 0.05) * 0.05 AS b, option_type\n    FROM global_markets.options_greeks\n    WHERE underlying_symbol = 'SPY' AND date = toDate('2026-07-15')\n      AND iv_converged AND implied_volatility BETWEEN 0.02 AND 5\n      AND strike_price / underlying_close BETWEEN 0.83 AND 1.12\n      AND expiration_date BETWEEN date + 20 AND date + 45\n)\nWHERE (b < 1 AND option_type = 'P') OR (b > 1 AND option_type = 'C') OR b = 1\nGROUP BY b\nHAVING count() >= 10\nORDER BY b","computed_at":"2026-08-14T14:33:38.710252+00:00","elapsed":0.002711824}