$432.89
−$10.76 (−2.43%)
52-week range
Implied volatility (IV) is the size of the moves that option prices assume, stated as a yearly percentage. Think of it as the weather forecast built into the option price. CIEN options expiring Oct 16 carry 66.3% IV at the money. That points to a typical daily move of about ±$18.09 (4.2%).
Each strike has its own IV. Plotted together they make a curve called the smile. When one side sits higher than the other, that tilt is called skew.
Puts 11% below today's price carry 72% IV. At the money it is 66%, and calls 11% above carry 64%. Traders are paying extra for protection against a fall.
Term structure is the at-the-money IV for each expiry date, from the nearest to the furthest. The circled point is the Oct 16 expiry you picked.
Realised volatility is the weather that actually happened: how much the stock really moved, on the same yearly scale. Comparing it with IV shows whether options look expensive or cheap.
Options price in 66% volatility. Over the last 20 trading days, the stock actually swung at a 73% yearly rate (80% over 60 days). Options are pricing about as much movement as the stock has actually had.
The curve slopes upward, from 66% for Oct 16 to 72% for Jan 19, 2029. This is the calm, normal shape. More time leaves more room for surprises, so longer-dated options carry more volatility.