AAOI Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $155.8.

Put/Call (OI)

1.00

158k P / 157k C

Put/Call (Volume)

0.58

29k P / 50k C today

30d ATM IV

112%

annualized implied move

Call wall

$200

12k contracts

Put wall

$70

19k contracts

Tail hedging

2.1×

deep-OTM puts vs calls

What the positioning says

●Call wall at $200 (12k contracts), 28% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $70 (19k contracts), 55% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.1× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 112% — the market prices very large moves; option premium is expensive.

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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	34k	36k	1.07	52k
2026-08-28	7k	7k	0.99	7k
2026-09-04	3k	4k	1.28	2k
2026-09-11	1k	2k	1.72	2k
2026-09-18	33k	25k	0.76	8k
2026-09-25	1k	715	0.54	851
2026-10-02	389	232	0.60	906
2026-12-18	16k	9k	0.57	2k
2027-01-15	31k	45k	1.45	3k
2027-03-19	2k	834	0.37	299
2027-06-17	8k	18k	2.26	592
2028-01-21	14k	8k	0.57	474
2028-06-16	8k	3k	0.34	1k

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