ATI Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $231.78.

Put/Call (OI)

0.61

9k P / 15k C

Put/Call (Volume)

0.21

250 P / 1k C today

30d ATM IV

43%

annualized implied move

Call wall

$250

844 contracts

Put wall

$190

1k contracts

Tail hedging

13.8×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.61 puts per call outstanding.
●Call wall at $250 (844 contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $190 (1k contracts), 18% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 13.8× 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	4k	4k	0.83	478
2026-09-18	3k	792	0.24	435
2026-10-16	2k	213	0.12	455
2026-11-20	2k	2k	1.26	21
2027-01-15	2k	837	0.45	17
2028-01-21	2k	1k	0.82	8

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