BHP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $89.99.

Put/Call (OI)

1.00

91k P / 90k C

Put/Call (Volume)

2.15

5k P / 2k C today

30d ATM IV

34%

annualized implied move

Call wall

$95

8k contracts

Put wall

$77.5

35k contracts

Tail hedging

4.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $95 (8k contracts), 6% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $77.5 (35k contracts), 14% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.3× 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	11k	15k	1.34	5k
2026-09-18	27k	17k	0.63	940
2026-11-20	7k	34k	5.06	577
2026-12-18	7k	9k	1.40	630
2027-01-15	30k	12k	0.40	23
2027-02-19	221	173	0.78	50
2027-03-19	4k	1k	0.35	143
2027-06-17	729	609	0.84	120
2028-01-21	5k	2k	0.37	7

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