AFL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $120.98.

Put/Call (OI)

0.59

23k P / 40k C

Put/Call (Volume)

0.23

336 P / 1k C today

30d ATM IV

16%

annualized implied move

Call wall

$130

10k contracts

Put wall

$105

5k contracts

Tail hedging

1.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.59 puts per call outstanding.
●Call wall at $130 (10k contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $105 (5k contracts), 13% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 16% — 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	10k	3k	0.33	434
2026-08-28	348	66	0.19	38
2026-09-04	701	128	0.18	8
2026-09-11	312	27	0.09	16
2026-09-18	7k	3k	0.39	835
2026-09-25	94	54	0.57	104
2026-10-02	8	1	0.13	18
2026-11-20	3k	1k	0.33	228
2026-12-18	3k	866	0.34	13
2027-01-15	8k	5k	0.64	58
2027-02-19	385	174	0.45	2
2027-03-19	2k	2k	0.98	0
2027-06-17	2k	5k	2.69	2
2028-01-21	3k	2k	0.73	58

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