AMAT Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $533.7.

Put/Call (OI)

1.33

304k P / 229k C

Put/Call (Volume)

0.97

34k P / 35k C today

30d ATM IV

56%

annualized implied move

Call wall

$700

12k contracts

Put wall

$400

17k contracts

Tail hedging

2.2×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.33 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $700 (12k contracts), 31% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $400 (17k contracts), 25% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.2× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	45k	41k	0.92	27k
2026-08-28	7k	7k	1.05	6k
2026-09-04	3k	4k	1.48	2k
2026-09-11	2k	4k	1.60	2k
2026-09-18	39k	45k	1.15	14k
2026-09-25	1k	2k	1.30	1k
2026-10-02	407	597	1.47	2k
2026-10-16	13k	25k	1.88	5k
2026-11-20	12k	15k	1.19	2k
2026-12-18	19k	27k	1.43	2k
2027-01-15	36k	44k	1.23	2k
2027-02-19	4k	5k	1.21	464
2027-03-19	8k	10k	1.27	623
2027-06-17	18k	51k	2.77	408
2027-12-17	8k	12k	1.60	980
2028-01-21	11k	12k	1.03	708
2028-12-15	2k	1k	0.54	673

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