ABBV Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $250.33.

Put/Call (OI)

0.77

124k P / 162k C

Put/Call (Volume)

0.21

3k P / 16k C today

30d ATM IV

25%

annualized implied move

Call wall

$270

23k contracts

Put wall

$220

14k contracts

Tail hedging

2.2×

deep-OTM puts vs calls

What the positioning says

●Call wall at $270 (23k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $220 (14k contracts), 12% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.2× 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	37k	26k	0.69	13k
2026-08-28	1k	1k	1.21	631
2026-09-04	2k	838	0.51	171
2026-09-11	493	505	1.02	129
2026-09-18	38k	17k	0.44	2k
2026-09-25	233	80	0.34	147
2026-10-02	12	51	4.25	189
2026-10-16	10k	11k	1.10	360
2026-11-20	9k	7k	0.77	357
2026-12-18	14k	9k	0.64	133
2027-01-15	25k	24k	0.92	309
2027-02-19	2k	2k	1.19	252
2027-03-19	4k	5k	1.08	236
2027-06-17	8k	10k	1.30	1k
2027-09-17	3k	3k	1.17	614
2028-01-21	8k	8k	1.00	424

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