AXP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $336.21.

Put/Call (OI)

0.67

96k P / 145k C

Put/Call (Volume)

2.26

9k P / 4k C today

30d ATM IV

23%

annualized implied move

Call wall

$480

50k contracts

Put wall

$310

8k contracts

Tail hedging

0.6×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.67 puts per call outstanding.
●Call wall at $480 (50k contracts), 43% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $310 (8k contracts), 8% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 23% — calm pricing; option premium is cheap.

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	16k	12k	0.77	4k
2026-08-28	2k	6k	3.68	648
2026-09-04	713	6k	8.93	899
2026-09-11	887	1k	1.62	2k
2026-09-18	14k	20k	1.40	2k
2026-09-25	148	408	2.76	738
2026-10-02	29	4	0.14	78
2026-10-16	6k	7k	1.24	798
2026-11-20	3k	4k	1.20	229
2026-12-18	10k	9k	0.89	204
2027-01-15	77k	15k	0.20	408
2027-02-19	1k	1k	0.98	694
2027-03-19	2k	3k	1.36	99
2027-06-17	3k	3k	1.14	249
2027-12-17	3k	2k	0.86	27
2028-01-21	4k	3k	0.76	16
2028-12-15	2k	2k	0.76	244

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