APH Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $171.5.

Put/Call (OI)

0.82

67k P / 83k C

Put/Call (Volume)

0.65

2k P / 3k C today

30d ATM IV

41%

annualized implied move

Call wall

$180

7k contracts

Put wall

$120

12k contracts

Tail hedging

2.6×

deep-OTM puts vs calls

What the positioning says

●Call wall at $180 (7k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $120 (12k contracts), 30% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.6× 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	31k	24k	0.79	1k
2026-09-18	16k	17k	1.05	2k
2026-10-16	5k	6k	1.18	589
2026-11-20	6k	5k	0.83	188
2026-12-18	3k	2k	0.57	30
2027-01-15	12k	8k	0.70	335
2027-03-19	3k	2k	0.72	61
2027-06-17	1k	1k	1.01	307
2028-01-21	5k	2k	0.35	289

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