BDX Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $182.44.

Put/Call (OI)

0.46

5k P / 12k C

Put/Call (Volume)

0.12

128 P / 1k C today

30d ATM IV

26%

annualized implied move

Call wall

$190

1k contracts

Put wall

$150

719 contracts

Tail hedging

6.0×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.46 puts per call outstanding.
●Call wall at $190 (1k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $150 (719 contracts), 18% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 6.0× 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.

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	4k	2k	0.64	83
2026-09-18	4k	1k	0.31	289
2026-12-18	1k	718	0.61	811
2027-01-15	3k	555	0.22	15
2027-03-19	208	220	1.06	0
2027-06-17	123	55	0.45	0
2028-01-21	270	308	1.14	3

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