ARCC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-14. Spot $20.07.

Put/Call (OI)

1.37

103k P / 76k C

Put/Call (Volume)

1.32

3k P / 2k C today

30d ATM IV

14%

annualized implied move

Call wall

$22

12k contracts

Put wall

$10

21k contracts

Tail hedging

14.0×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.37 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $22 (12k contracts), 10% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $10 (21k contracts), 50% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 14.0× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 14% — calm pricing; option premium is cheap.

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	12k	7k	0.53	850
2026-09-18	18k	32k	1.79	3k
2026-12-18	10k	12k	1.22	302
2027-01-15	25k	38k	1.49	374
2027-03-19	1k	1k	0.98	54
2028-01-21	9k	14k	1.57	283

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