ADP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $268.2.

Put/Call (OI)

1.52

35k P / 23k C

Put/Call (Volume)

0.72

468 P / 654 C today

30d ATM IV

30%

annualized implied move

Call wall

$270

2k contracts

Put wall

$230

3k contracts

Tail hedging

4.5×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.52 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $270 (2k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $230 (3k contracts), 14% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.5× 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	6k	13k	2.11	519
2026-08-28	506	521	1.03	108
2026-09-04	742	692	0.93	40
2026-09-11	86	12	0.14	3
2026-09-18	3k	6k	1.66	221
2026-09-25	48	24	0.50	5
2026-10-02	2	14	7.00	51
2026-11-20	2k	1k	0.54	109
2026-12-18	2k	3k	1.35	29
2027-01-15	4k	7k	1.63	20
2027-02-19	176	152	0.86	5
2027-03-19	1k	845	0.79	0
2027-06-17	437	752	1.72	1
2028-01-21	2k	3k	1.42	2
2028-06-16	192	62	0.32	9

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