ALAB Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $321.8.

Put/Call (OI)

0.76

108k P / 143k C

Put/Call (Volume)

0.56

10k P / 17k C today

30d ATM IV

88%

annualized implied move

Call wall

$400

8k contracts

Put wall

$150

7k contracts

Tail hedging

1.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $400 (8k contracts), 24% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $150 (7k contracts), 53% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 88% — 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	34k	22k	0.66	15k
2026-08-28	3k	3k	0.96	4k
2026-09-04	3k	2k	0.55	954
2026-09-11	855	745	0.87	459
2026-09-18	23k	19k	0.83	3k
2026-09-25	646	778	1.20	347
2026-10-02	9	18	2.00	94
2026-10-16	8k	5k	0.54	840
2026-11-20	10k	11k	1.11	817
2026-12-18	8k	6k	0.81	419
2027-01-15	25k	17k	0.66	414
2027-03-19	4k	5k	1.35	139
2027-04-16	4k	5k	1.20	13
2027-06-17	1k	2k	1.47	542
2027-09-17	5k	4k	0.83	526
2027-12-17	2k	778	0.52	28
2028-01-21	11k	5k	0.44	109

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