AJG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $247.97.

Put/Call (OI)

0.52

5k P / 9k C

Put/Call (Volume)

0.60

148 P / 247 C today

30d ATM IV

30%

annualized implied move

Call wall

$250

1k contracts

Put wall

$230

702 contracts

Tail hedging

0.7×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.52 puts per call outstanding.
●Call wall at $250 (1k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $230 (702 contracts), 7% 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.

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	2k	2k	0.74	117
2026-09-18	1k	556	0.48	159
2026-10-16	2k	2k	0.85	49
2026-11-20	22	0	0.00	0
2026-12-18	2k	593	0.25	4
2027-01-15	2k	390	0.26	66

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