BAM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $52.38.

Put/Call (OI)

0.95

11k P / 11k C

Put/Call (Volume)

10.75

3k P / 287 C today

30d ATM IV

30%

annualized implied move

Call wall

$55

2k contracts

Put wall

$45

2k contracts

Tail hedging

3.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $55 (2k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $45 (2k contracts), 14% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.3× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	4k	4k	1.17	131
2026-09-18	994	1k	1.15	3k
2026-10-16	3k	2k	0.84	47
2027-01-15	3k	1k	0.46	99
2028-01-21	982	2k	1.77	16

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