AEM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $190.08.

Put/Call (OI)

0.66

71k P / 108k C

Put/Call (Volume)

0.63

3k P / 5k C today

30d ATM IV

45%

annualized implied move

Call wall

$200

18k contracts

Put wall

$135

5k contracts

Tail hedging

1.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.66 puts per call outstanding.
●Call wall at $200 (18k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $135 (5k contracts), 29% 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	20k	13k	0.64	3k
2026-08-28	1k	1k	1.00	317
2026-09-04	357	436	1.22	127
2026-09-11	210	127	0.60	64
2026-09-18	14k	12k	0.86	980
2026-09-25	141	69	0.49	42
2026-10-02	21	9	0.43	12
2026-10-16	7k	6k	0.82	548
2026-11-20	14k	4k	0.25	1k
2026-12-18	5k	4k	0.77	417
2027-01-15	19k	13k	0.67	317
2027-02-19	1k	855	0.63	43
2027-03-19	3k	2k	0.57	94
2027-06-17	12k	9k	0.79	37
2028-01-21	10k	6k	0.61	178

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