BBAI Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $3.21.

Put/Call (OI)

0.30

170k P / 561k C

Put/Call (Volume)

0.18

4k P / 22k C today

30d ATM IV

73%

annualized implied move

Call wall

$10

103k contracts

Put wall

28k contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.30 puts per call outstanding.
●Call wall at $10 (103k contracts), 212% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $3 (28k contracts), 7% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 14.3× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 73% — the market prices very large moves; option premium is expensive.

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	36k	11k	0.31	9k
2026-08-28	10k	2k	0.20	2k
2026-09-04	11k	897	0.08	708
2026-09-11	4k	489	0.14	367
2026-09-18	96k	25k	0.27	4k
2026-09-25	3k	310	0.10	457
2026-10-02	292	42	0.14	528
2026-12-18	27k	8k	0.30	4k
2027-01-15	275k	97k	0.35	3k
2027-03-19	6k	2k	0.37	705
2028-01-21	93k	21k	0.23	2k

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