ARGX Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $987.83.

Put/Call (OI)

0.66

3k P / 5k C

Put/Call (Volume)

1.02

583 P / 574 C today

30d ATM IV

33%

annualized implied move

Call wall

$1,040

325 contracts

Put wall

$800

435 contracts

Tail hedging

2.6×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.66 puts per call outstanding.
●Call wall at $1,040 (325 contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $800 (435 contracts), 19% 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	2k	2k	1.13	367
2026-09-18	476	481	1.01	372
2026-10-16	792	147	0.19	34
2026-11-20	378	285	0.75	68
2026-12-18	1k	412	0.35	78
2027-01-15	331	223	0.67	129
2027-02-19	61	8	0.13	3
2027-03-19	9	7	0.78	49
2027-12-17	531	214	0.40	57

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