ARES Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $141.34.

Put/Call (OI)

1.47

52k P / 36k C

Put/Call (Volume)

0.87

349 P / 399 C today

30d ATM IV

41%

annualized implied move

Call wall

$145

7k contracts

Put wall

$120

8k contracts

Tail hedging

6.0×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.47 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $145 (7k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $120 (8k contracts), 15% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 6.0× 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	17k	4k	0.22	267
2026-08-28	335	58	0.17	102
2026-09-04	27	43	1.59	17
2026-09-11	55	4	0.07	5
2026-09-18	5k	13k	2.53	101
2026-09-25	30	6	0.20	0
2026-10-02	2	3	1.50	1
2026-11-20	1k	1k	0.97	63
2026-12-18	1k	3k	2.43	0
2027-01-15	6k	24k	4.13	81
2027-02-19	2k	2k	0.95	6
2027-03-19	544	745	1.37	2
2027-06-17	462	2k	3.47	7
2028-01-21	1k	2k	1.89	96

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