What is Volatility Skew? The curve that is plotted for a specific expiry, with implied volatility on the y-axis and strike prices on the x-axis. The shape of the skew is impacted by the supply and demand of options with different strikes. In equities, the volatility is typically skewed to the downside due to the higher demand for put protection compared with less call buying speculation, as investors tend to already be long equities. Interested in learning more? Related articles What is Implied Skew?