AXP Options Chain Analysis

As of previous close (2026-10-16) · OPRA historical data

Spot $313.59 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.60

93k P / 154k C

Put/Call (Volume)

0.28

5k P / 19k C that session

30d ATM IV

30%

annualized implied move

Call wall

$480

50k contracts

Put wall

$300

10k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.60 puts per call outstanding.
●Call wall at $480 (50k contracts), 53% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $300 (10k contracts), 4% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.6× deep-OTM put OI — speculative upside positioning dominates the tails.

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 2026-11-13. 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 that session
2026-10-23	4k	4k	1.00	8k
2026-10-30	2k	2k	1.36	888
2026-11-06	709	928	1.31	179
2026-11-13	115	312	2.71	223
2026-11-20	8k	10k	1.24	2k
2026-11-27	320	156	0.49	313
2026-12-18	12k	11k	0.96	837
2027-01-15	79k	17k	0.21	1k
2027-02-19	2k	3k	1.55	103
2027-03-19	5k	5k	0.98	235
2027-04-16	870	979	1.13	49
2027-06-17	4k	5k	1.19	157
2027-09-17	1k	2k	1.06	481
2027-12-17	3k	3k	0.83	85
2028-01-21	8k	10k	1.21	393
2028-12-15	6k	3k	0.56	61
2029-01-19	2k	359	0.20	30

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.