AMD Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $507.9.

Put/Call (OI)

1.14

1.7M P / 1.5M C

Put/Call (Volume)

0.67

229k P / 343k C today

30d ATM IV

54%

annualized implied move

Call wall

$600

44k contracts

Put wall

$400

82k contracts

Tail hedging

2.8×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.14 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $600 (44k contracts), 18% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $400 (82k contracts), 21% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.8× 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
2026-08-19	10k	8k	0.85	50k
2026-08-21	218k	230k	1.06	82k
2026-08-24	2k	2k	1.10	7k
2026-08-26	2k	2k	1.01	3k
2026-08-28	33k	31k	0.92	31k
2026-08-31	0	0	—	1k
2026-09-04	26k	38k	1.50	9k
2026-09-11	24k	27k	1.14	11k
2026-09-18	190k	253k	1.33	25k
2026-09-25	16k	12k	0.75	3k
2026-10-02	3k	928	0.32	6k
2026-10-16	68k	76k	1.12	11k
2026-11-20	84k	85k	1.01	10k
2026-12-18	136k	149k	1.10	9k
2027-01-15	223k	304k	1.36	20k
2027-02-19	8k	13k	1.64	6k
2027-03-19	55k	83k	1.53	7k
2027-06-17	86k	111k	1.30	11k
2027-09-17	23k	24k	1.03	6k
2027-12-17	77k	75k	0.97	5k
2028-01-21	86k	89k	1.03	3k
2028-06-16	22k	15k	0.70	878
2028-12-15	83k	55k	0.67	3k

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