BAC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $64.26.

Put/Call (OI)

1.17

1.3M P / 1.1M C

Put/Call (Volume)

1.18

75k P / 64k C today

30d ATM IV

19%

annualized implied move

Call wall

$65

184k contracts

Put wall

$50

172k contracts

Tail hedging

17.0×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.17 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $65 (184k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $50 (172k contracts), 22% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 17.0× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 19% — 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	129k	107k	0.83	59k
2026-08-28	20k	16k	0.79	8k
2026-09-04	5k	5k	1.04	2k
2026-09-11	4k	3k	0.76	1k
2026-09-18	158k	201k	1.27	24k
2026-09-25	2k	1k	0.75	887
2026-10-02	414	601	1.45	361
2026-10-16	74k	65k	0.88	12k
2026-11-20	44k	49k	1.12	10k
2026-12-18	129k	160k	1.24	6k
2027-01-15	264k	295k	1.12	5k
2027-02-19	10k	10k	1.04	1k
2027-03-19	28k	31k	1.11	1k
2027-04-16	11k	14k	1.33	276
2027-06-17	103k	179k	1.74	2k
2027-07-16	19k	13k	0.70	289
2027-12-17	19k	20k	1.01	1k
2028-01-21	50k	72k	1.44	5k
2028-12-15	25k	32k	1.27	386

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