APP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $311.54.

Put/Call (OI)

0.74

150k P / 202k C

Put/Call (Volume)

0.81

18k P / 22k C today

30d ATM IV

52%

annualized implied move

Call wall

$600

12k contracts

Put wall

$300

13k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Call wall at $600 (12k contracts), 93% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $300 (13k contracts), 4% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.8× deep-OTM put OI — speculative upside positioning dominates the tails.

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	39k	22k	0.56	18k
2026-08-28	7k	5k	0.72	5k
2026-09-04	4k	4k	0.95	2k
2026-09-11	3k	3k	0.92	874
2026-09-18	37k	17k	0.46	4k
2026-09-25	2k	2k	0.91	496
2026-10-02	141	219	1.55	485
2026-10-16	4k	4k	0.91	2k
2026-11-20	17k	11k	0.64	977
2026-12-18	14k	18k	1.26	888
2027-01-15	29k	28k	0.97	2k
2027-02-19	6k	6k	0.96	414
2027-03-19	3k	2k	0.91	687
2027-06-17	16k	16k	1.01	839
2028-01-21	10k	7k	0.72	558
2028-06-16	7k	3k	0.42	365
2028-12-15	5k	3k	0.69	437

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