ANET Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $201.75.

Put/Call (OI)

0.81

139k P / 172k C

Put/Call (Volume)

0.66

6k P / 10k C today

30d ATM IV

49%

annualized implied move

Call wall

$210

12k contracts

Put wall

$130

11k contracts

Tail hedging

3.6×

deep-OTM puts vs calls

What the positioning says

●Call wall at $210 (12k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $130 (11k contracts), 36% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.6× 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	33k	24k	0.73	7k
2026-08-28	4k	3k	0.71	2k
2026-09-04	4k	2k	0.62	494
2026-09-11	993	1k	1.10	223
2026-09-18	33k	25k	0.75	2k
2026-09-25	627	433	0.69	471
2026-10-02	45	26	0.58	68
2026-10-16	8k	7k	0.87	1k
2026-11-20	9k	10k	1.03	720
2026-12-18	9k	9k	1.03	419
2027-01-15	43k	37k	0.84	610
2027-03-19	5k	4k	0.88	316
2027-06-17	7k	7k	1.12	384
2028-01-21	16k	10k	0.63	426

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