It's been awhile since I've tracked the skew between equidistant OTM calls to puts, but I was just looking at it this evening. For instance, the Aug19 2016 ES 2200c midpoint approximately 3.20; the Aug19 2016 2040p midpoint 13.00...Both 80 pts OTM. For any of you guys who track the skew regularly, how out of the norm are these numbers?
The tail to the left is exaggerated. It would be better to cut the skew off when options are less than $0.10 bid. Some where around .45 right now for the puts and .15 for the calls.