AMGN Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $418.88.

Put/Call (OI)

0.96

63k P / 66k C

Put/Call (Volume)

1.95

5k P / 3k C today

30d ATM IV

26%

annualized implied move

Call wall

$440

11k contracts

Put wall

$300

6k contracts

Tail hedging

12.2×

deep-OTM puts vs calls

What the positioning says

●Call wall at $440 (11k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $300 (6k contracts), 28% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 12.2× 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	11k	14k	1.30	3k
2026-08-28	1k	2k	1.88	885
2026-09-04	375	2k	4.68	116
2026-09-11	336	236	0.70	178
2026-09-18	21k	14k	0.66	1k
2026-09-25	79	41	0.52	19
2026-10-02	27	18	0.67	21
2026-10-16	9k	7k	0.81	763
2026-11-20	635	230	0.36	1k
2026-12-18	3k	5k	1.51	81
2027-01-15	13k	14k	1.08	331
2027-03-19	2k	990	0.64	182
2027-06-17	3k	2k	0.68	128
2028-01-21	2k	2k	0.99	206

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