ADI Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $391.5.

Put/Call (OI)

0.84

43k P / 51k C

Put/Call (Volume)

1.57

4k P / 3k C today

30d ATM IV

46%

annualized implied move

Call wall

$470

4k contracts

Put wall

$350

4k contracts

Tail hedging

1.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $470 (4k contracts), 20% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $350 (4k contracts), 11% below spot — the hedge floor; often acts as support.

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	8k	8k	1.10	5k
2026-08-28	709	581	0.82	399
2026-09-04	576	312	0.54	87
2026-09-11	136	108	0.79	43
2026-09-18	12k	12k	0.94	1k
2026-09-25	37	130	3.51	32
2026-10-02	6	5	0.83	7
2026-12-18	4k	5k	1.10	61
2027-01-15	14k	11k	0.74	92
2027-03-19	2k	2k	1.20	60
2027-06-17	5k	2k	0.49	179
2028-01-21	5k	2k	0.38	33

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