BABA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $124.86.

Put/Call (OI)

0.65

827k P / 1.3M C

Put/Call (Volume)

0.32

24k P / 74k C today

30d ATM IV

46%

annualized implied move

Call wall

$150

110k contracts

Put wall

$100

150k contracts

Tail hedging

0.7×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.65 puts per call outstanding.
●Call wall at $150 (110k contracts), 20% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $100 (150k contracts), 20% 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	188k	98k	0.52	48k
2026-08-28	21k	12k	0.59	12k
2026-09-04	6k	3k	0.51	2k
2026-09-11	4k	1k	0.38	3k
2026-09-18	299k	177k	0.59	16k
2026-09-25	2k	1k	0.61	763
2026-10-02	85	250	2.94	191
2026-10-16	78k	47k	0.60	5k
2026-11-20	30k	28k	0.93	1k
2026-12-18	136k	121k	0.89	3k
2027-01-15	199k	177k	0.89	2k
2027-02-19	890	2k	1.70	234
2027-03-19	41k	47k	1.13	511
2027-06-17	40k	32k	0.81	405
2027-12-17	58k	16k	0.28	183
2028-01-21	101k	26k	0.26	2k
2028-06-16	10k	4k	0.39	47
2028-12-15	57k	36k	0.63	2k

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