AFRM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $74.27.

Put/Call (OI)

1.10

127k P / 116k C

Put/Call (Volume)

1.13

5k P / 4k C today

30d ATM IV

66%

annualized implied move

Call wall

$100

15k contracts

Put wall

$50

11k contracts

Tail hedging

1.4×

deep-OTM puts vs calls

What the positioning says

●Call wall at $100 (15k contracts), 35% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $50 (11k contracts), 33% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 66% — the market prices very large moves; option premium is expensive.

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	30k	26k	0.86	4k
2026-08-28	4k	2k	0.44	2k
2026-09-04	1k	2k	1.27	556
2026-09-11	369	291	0.79	198
2026-09-18	22k	17k	0.74	1k
2026-09-25	582	59	0.10	50
2026-10-02	304	12	0.04	6
2026-10-16	7k	2k	0.28	400
2026-11-20	5k	11k	2.14	277
2026-12-18	9k	18k	1.96	519
2027-01-15	24k	31k	1.32	149
2027-02-19	760	818	1.08	41
2027-03-19	3k	3k	1.11	78
2028-01-21	8k	14k	1.80	247

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