ARM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $273.3.

Put/Call (OI)

1.18

436k P / 368k C

Put/Call (Volume)

0.89

31k P / 35k C today

30d ATM IV

70%

annualized implied move

Call wall

$300

22k contracts

Put wall

$200

22k contracts

Tail hedging

2.6×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.18 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $300 (22k contracts), 10% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $200 (22k contracts), 27% 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.
●30-day ATM implied volatility is 70% — the market prices very large moves; option premium is expensive.

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	78k	86k	1.10	27k
2026-08-28	5k	7k	1.43	9k
2026-09-04	2k	3k	1.23	3k
2026-09-11	1k	2k	1.19	841
2026-09-18	72k	69k	0.96	8k
2026-09-25	407	644	1.58	572
2026-10-02	42	32	0.76	170
2026-10-16	17k	30k	1.80	3k
2026-11-20	12k	25k	2.08	2k
2026-12-18	44k	64k	1.44	833
2027-01-15	42k	79k	1.89	11k
2027-03-19	15k	12k	0.77	695
2027-06-17	55k	25k	0.45	230
2027-12-17	7k	14k	2.05	79
2028-01-21	14k	17k	1.25	117
2028-06-16	693	735	1.06	16
2028-12-15	3k	3k	0.85	105

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