AG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $19.6.

Put/Call (OI)

0.54

347k P / 642k C

Put/Call (Volume)

0.73

14k P / 19k C today

30d ATM IV

60%

annualized implied move

Call wall

$40

106k contracts

Put wall

$10

111k contracts

Tail hedging

0.7×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.54 puts per call outstanding.
●Call wall at $40 (106k contracts), 104% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $10 (111k contracts), 49% 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	95k	40k	0.42	10k
2026-08-28	6k	4k	0.66	2k
2026-09-04	9k	970	0.11	1k
2026-09-11	1k	455	0.31	650
2026-09-18	18k	6k	0.32	7k
2026-09-25	575	296	0.51	121
2026-10-02	37	0	0.00	125
2026-10-16	147k	20k	0.13	2k
2026-12-18	168k	61k	0.36	2k
2027-01-15	134k	113k	0.84	2k
2027-03-19	16k	5k	0.28	587
2027-06-17	4k	8k	2.18	1k
2028-01-21	41k	90k	2.16	5k

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