AEP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $126.65.

Put/Call (OI)

0.60

22k P / 37k C

Put/Call (Volume)

0.54

704 P / 1k C today

30d ATM IV

19%

annualized implied move

Call wall

$140

8k contracts

Put wall

$125

5k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.60 puts per call outstanding.
●Call wall at $140 (8k contracts), 11% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $125 (5k contracts), 1% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.4× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 19% — calm pricing; option premium is cheap.

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	9k	6k	0.72	261
2026-09-18	8k	8k	0.97	946
2026-11-20	2k	748	0.33	333
2026-12-18	2k	1k	0.47	141
2027-01-15	11k	4k	0.41	90
2027-02-19	73	26	0.36	3
2027-03-19	1k	473	0.40	6
2027-06-17	201	242	1.20	118
2028-01-21	3k	747	0.24	98

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