APO Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $134.54.

Put/Call (OI)

0.66

108k P / 163k C

Put/Call (Volume)

10.06

22k P / 2k C today

30d ATM IV

35%

annualized implied move

Call wall

$250

26k contracts

Put wall

$110

15k contracts

Tail hedging

0.7×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.66 puts per call outstanding.
●Call wall at $250 (26k contracts), 86% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $110 (15k contracts), 18% below spot — the hedge floor; often acts as support.

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	9k	11k	1.31	1k
2026-08-28	392	4k	9.22	511
2026-09-04	140	80	0.57	88
2026-09-11	607	42	0.07	77
2026-09-18	18k	22k	1.23	1k
2026-09-25	101	12	0.12	2
2026-10-02	9	0	0.00	2
2026-10-16	5k	4k	0.76	20k
2026-11-20	4k	1k	0.35	479
2026-12-18	9k	8k	0.93	253
2027-01-15	97k	35k	0.36	147
2027-03-19	5k	7k	1.53	49
2027-06-17	562	1k	2.23	19
2028-01-21	15k	14k	0.91	86

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