APA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $41.63.

Put/Call (OI)

0.48

65k P / 136k C

Put/Call (Volume)

0.40

915 P / 2k C today

30d ATM IV

39%

annualized implied move

Call wall

$42.5

10k contracts

Put wall

$17.5

9k contracts

Tail hedging

2.9×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.48 puts per call outstanding.
●Call wall at $42.5 (10k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $17.5 (9k contracts), 58% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.9× 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	13k	5k	0.40	1k
2026-08-28	2k	978	0.59	481
2026-09-04	2k	566	0.36	75
2026-09-11	627	342	0.55	221
2026-09-18	21k	16k	0.73	460
2026-09-25	145	107	0.74	42
2026-10-02	0	0	—	17
2026-10-16	12k	5k	0.43	251
2026-12-18	7k	7k	0.92	250
2027-01-15	60k	21k	0.35	63
2027-03-19	2k	2k	1.33	100
2028-01-21	12k	4k	0.36	35
2028-12-15	4k	2k	0.54	33

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