ASX Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $39.82.

Put/Call (OI)

0.35

36k P / 103k C

Put/Call (Volume)

0.65

2k P / 2k C today

30d ATM IV

62%

annualized implied move

Call wall

$42.5

19k contracts

Put wall

$30

10k contracts

Tail hedging

0.6×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.35 puts per call outstanding.
●Call wall at $42.5 (19k contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $30 (10k contracts), 25% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 62% — 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	38k	7k	0.18	2k
2026-09-18	30k	15k	0.50	2k
2026-12-18	3k	3k	1.02	141
2027-01-15	11k	5k	0.42	459
2027-03-19	11k	5k	0.49	102
2028-01-21	8k	444	0.05	49
2028-12-15	3k	533	0.20	57

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