A Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $148.45.

Put/Call (OI)

0.58

9k P / 16k C

Put/Call (Volume)

0.18

35 P / 199 C today

30d ATM IV

37%

annualized implied move

Call wall

$150

3k contracts

Put wall

$140

1k contracts

Tail hedging

4.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.58 puts per call outstanding.
●Call wall at $150 (3k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $140 (1k contracts), 6% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.4× deep-OTM call OI — an institutional hedging ladder sits under this stock.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-09-18. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	4k	3k	0.64	140
2026-09-18	5k	3k	0.55	69
2026-10-16	1k	196	0.17	6
2026-11-20	594	224	0.38	4
2026-12-18	496	277	0.56	1
2027-01-15	3k	2k	0.57	1
2027-02-19	21	11	0.52	0
2027-03-19	755	807	1.07	5
2027-06-17	273	253	0.93	8

Source: CBOE delayed quotes, refreshed daily after US market close. Open interest is exchange-reported and lags one session. Research, not investment advice.