AZO Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $3,019.3.

Put/Call (OI)

0.80

7k P / 9k C

Put/Call (Volume)

0.70

221 P / 316 C today

30d ATM IV

32%

annualized implied move

Call wall

$5,600

1k contracts

Put wall

$2,000

301 contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $5,600 (1k contracts), 85% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $2,000 (301 contracts), 34% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.3× 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 2026-09-18. 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	2k	1k	0.56	210
2026-09-18	2k	1k	0.58	190
2026-12-18	1k	2k	1.94	22
2027-01-15	1k	961	0.88	46
2027-03-19	2k	889	0.55	64
2027-06-17	275	94	0.34	5

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