ALK Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $44.25.

Put/Call (OI)

0.53

32k P / 60k C

Put/Call (Volume)

0.95

2k P / 2k C today

30d ATM IV

45%

annualized implied move

Call wall

$50

13k contracts

Put wall

$32.5

4k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.53 puts per call outstanding.
●Call wall at $50 (13k contracts), 13% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $32.5 (4k contracts), 27% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.1× deep-OTM put OI — speculative upside positioning dominates the tails.

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	8k	5k	0.60	1k
2026-09-18	21k	10k	0.46	822
2026-10-16	6k	5k	0.82	1k
2026-12-18	3k	2k	0.74	209
2027-01-15	14k	6k	0.46	167
2027-02-19	76	14	0.18	25
2027-03-19	2k	2k	1.00	2
2027-05-21	79	226	2.86	63
2027-12-17	750	476	0.63	9
2028-01-21	6k	1k	0.25	15

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