What is the current FR ATM implied volatility?

As of Jun 30, 2026, First Industrial Realty Trust, Inc. (FR) at-the-money implied volatility is 343.3%. IV rank is 84.6% on a 0-100% scale anchored to the 1-year IV range. ATM IV is the volatility input that makes a Black-Scholes-equivalent model reproduce the listed at-the-money option prices.

Is FR IV high or low historically?

IV is elevated relative to its 1-year history, conditions that typically favor premium-selling strategies (credit spreads, iron condors, covered calls).

What does FR volatility skew tell options traders?

Volatility skew is the pattern by which IV varies across strikes for a given expiration. First Industrial Realty Trust, Inc. carries the typical equity downside-protection skew: 25-delta puts price meaningfully richer than 25-delta calls. Skew matters for risk-defined strategy selection: when downside puts are rich, put-credit spreads capture more premium; when upside calls are rich, call-credit spreads or covered-call writes harvest more.

First Industrial Realty Trust, Inc. (FR) Volatility Skew

Implied volatility skew shows how IV varies across strike prices for a given expiration. Steeper skews indicate higher demand for downside protection relative to upside speculation.

First Industrial Realty Trust, Inc. (FR) operates in the Real Estate sector, specifically the REIT - Industrial industry, with a market capitalization near $8.43B, listed on NYSE, employing roughly 152 people, carrying a beta of 1.07 to the broader market. First Industrial Realty Trust, Inc. Led by Peter E. Baccile, public since 1994-06-23.

Snapshot as of Jun 30, 2026.

Spot Price: $61.61
ATM IV: 343.3%
IV Skew 25Δ: -0.093
IV Rank: 84.6%
IV Percentile: 99.6%
Term Structure Slope: -3.254

As of Jun 30, 2026, First Industrial Realty Trust, Inc. (FR) at-the-money implied volatility is 343.3%. IV rank is 84.6% (where 0% is the 52-week low and 100% is the 52-week high). IV percentile is 99.6%. The 25-delta skew is -0.093: puts carry meaningful premium over calls, a classic equity downside-protection skew. High IV rank typically favors premium-selling strategies; low IV rank favors premium-buying.

FR Strategy Selection at Current Volatility Levels

For First Industrial Realty Trust, Inc. options at 343.3% ATM IV, high IV rank (84.6%) favors premium-selling structures: credit spreads, iron condors, covered calls, cash-secured puts. The risk: a continued vol expansion through high-rank levels is rare but expensive when it happens. The 25-delta skew is meaningfully put-skewed, so put-credit spreads capture more premium for the same width than call-credit spreads. Pair the vol-rank read with the dealer-gamma view and the upcoming-events calendar to confirm the strategy fits both the structural regime and the path-dependent risk. The variance risk premium - the persistent gap between implied and subsequently realized vol - is positive in equity markets on average; high IV rank typically reflects a stretch where the premium is wider than usual.

How to read the FR volatility surface

ATM IV currently prints at 343.3%, 84.6% IV rank, against 24.3% realized over the trailing 20 trading days. Implied is pricing above realized by 319.0 vol points, the typical variance-risk-premium positive state in which premium sellers earn the gap. The 25-delta skew is meaningfully put-skewed at -0.093, meaning out-of-the-money puts are bid up relative to equivalent-delta calls - the classic equity-tail-risk pricing pattern. The term-structure slope of -3.254 is inverted (backwardation) - near-dated IV trades above longer-dated, signaling acute near-term event risk.

FR IV rank and the variance risk premium

FR sits in the top quartile of its 1-year IV range (rank 84.6%). High-IV-rank regimes are statistically the best premium-selling environments - covered calls, cash-secured puts, credit spreads, and iron condors all collect more premium for the same notional risk. The risk: a continued vol expansion through high-rank levels is rare but very expensive when it happens; size positions to the implied move, not the historical range. Compared with 60-day realized HV of 23.1%, current ATM IV is 320.2 vol points rich.

Trading vol on FR: practical notes

The variance risk premium - the persistent gap between implied and subsequently realized volatility - is positive on equity-market averages, which is why premium-selling carries a long-run edge. But the edge is averaged across a distribution; individual realizations can blow past the implied move in either direction. FR front-month expiration sits at 17 days; near-dated structures get the highest theta decay but also the largest gamma sensitivity, so the same vol-rank read translates into very different structures at 7 DTE vs 45 DTE. Pair the rank read with the dealer-gamma view, the term-structure shape, and the upcoming-event calendar to confirm the trade fits both the structural regime and the path-dependent risk. Risk-defined structures (credit/debit spreads, condors, butterflies) are usually safer than naked positions when the regime is uncertain.

FR volatility surface: linking strikes to tenors

The skew-by-strike chart higher up and the term-structure-by-DTE chart together describe the FR implied-volatility surface - the two-dimensional grid of IV across strike and expiration that determines every option premium on the chain. Currently the 25-delta skew is -0.093 and the term-structure slope is -3.254, a combination that flags acute near-term concern: put-skewed AND backwardated means both the strike and the tenor dimensions are pricing risk. Term structure tells you when the market expects the action; skew tells you which direction. Combined with the 84.6% IV rank, the surface gives a complete read on whether FR options are cheap, fair, or expensive across both dimensions. Practitioners watch surface dynamics (skew steepening, term-structure inversion) alongside level (IV rank) - level moves are common but surface shape changes typically signal regime-level shifts in how the chain is being positioned.

For FR specifically, the surface read fits into a broader options-trading toolkit. Single-leg directional positions (long calls or puts) depend almost entirely on level: cheap IV at any skew/term shape favors buyers, rich IV favors sellers. Risk-defined spreads (vertical credit/debit spreads, iron condors, butterflies) depend on both level and skew: put-skewed surfaces make put-side credit spreads collect more premium per width than call-side, and the asymmetry can compound or offset the directional thesis. Calendar and diagonal spreads depend on term shape: contango makes long-back-month / short-front-month structures cheaper to put on but harder to harvest theta from quickly. Pair the surface read with the dealer-gamma view, the upcoming-event calendar, and the underlying-trend context to choose the strike, the tenor, and the structure family that match both the regime and the conviction level.

Learn how volatility skew is reported and how to read the data →

ATM implied volatility at each listed expiration. Front-month points sit at the left; longer-dated tenors extend right. Upward-sloping curves indicate contango (calmer near-term, more uncertainty further out); downward-sloping indicates backwardation (acute near-term stress).

FR highest implied-volatility contracts

Type	Strike	Expiration	Volume	OI	IV	Bid	Ask
CALL	$60.00	Jul 17, 2026	0	370	343.3%	$1.25	$4.60

Top 1 contracts from the institutional-grade nightly options scan; ranked by iv within the broader S&P 500/400/600 + ETF universe.

Frequently asked FR volatility skew questions

What is the current FR ATM implied volatility?: As of Jun 30, 2026, First Industrial Realty Trust, Inc. (FR) at-the-money implied volatility is 343.3%. IV rank is 84.6% on a 0-100% scale anchored to the 1-year IV range. ATM IV is the volatility input that makes a Black-Scholes-equivalent model reproduce the listed at-the-money option prices.
Is FR IV high or low historically?: IV is elevated relative to its 1-year history, conditions that typically favor premium-selling strategies (credit spreads, iron condors, covered calls).
What does FR volatility skew tell options traders?: Volatility skew is the pattern by which IV varies across strikes for a given expiration. First Industrial Realty Trust, Inc. carries the typical equity downside-protection skew: 25-delta puts price meaningfully richer than 25-delta calls. Skew matters for risk-defined strategy selection: when downside puts are rich, put-credit spreads capture more premium; when upside calls are rich, call-credit spreads or covered-call writes harvest more.