$2.10
+$0.04 (+1.85%)
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. HTZ options expiring Oct 16 carry 137.1% IV at the money. That points to a typical daily move of about ±$0.18 (8.6%).
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.
Calls 19% above today's price carry 146% IV. At the money it is 137%, and puts 19% below carry 131%. Traders are paying extra for upside, which often happens around takeover rumours or a short squeeze.
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 137% volatility. Over the last 20 trading days, the stock actually swung at a 63% yearly rate (105% over 60 days). Options are pricing more movement than the stock has actually had. Some extra is normal: it's what option sellers get paid for taking the risk.
The curve is inverted. Near-dated options carry more volatility than longer ones: 137% for Oct 16 against 128% for Jan 19, 2029. This usually means the market expects news soon, such as earnings, or is under stress. Earnings on Nov 5 land before the Nov 6 expiry.