AXON Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $604.32.

Put/Call (OI)

1.05

30k P / 28k C

Put/Call (Volume)

3.03

1k P / 402 C today

30d ATM IV

54%

annualized implied move

Call wall

$790

2k contracts

Put wall

$400

2k contracts

Tail hedging

1.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $790 (2k contracts), 31% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $400 (2k contracts), 34% below spot — the hedge floor; often acts as support.

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	3k	3k	1.02	432
2026-08-28	716	557	0.78	513
2026-09-04	629	383	0.61	127
2026-09-11	104	320	3.08	16
2026-09-18	8k	7k	0.81	211
2026-09-25	155	263	1.70	14
2026-10-02	12	96	8.00	78
2026-12-18	3k	2k	0.77	46
2027-01-15	6k	8k	1.22	68
2027-03-19	974	2k	1.78	29
2027-06-17	171	662	3.87	64
2028-01-21	5k	6k	1.15	24

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