BIDU Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $104.52.

Put/Call (OI)

0.67

170k P / 254k C

Put/Call (Volume)

0.75

39k P / 52k C today

30d ATM IV

49%

annualized implied move

Call wall

$160

28k contracts

Put wall

$100

20k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.67 puts per call outstanding.
●Call wall at $160 (28k contracts), 53% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $100 (20k contracts), 4% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.5× deep-OTM put OI — speculative upside positioning dominates the tails.

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	40k	37k	0.93	53k
2026-08-28	7k	4k	0.50	10k
2026-09-04	14k	741	0.05	3k
2026-09-11	1k	682	0.57	2k
2026-09-18	64k	36k	0.57	16k
2026-09-25	2k	1k	0.52	486
2026-10-02	15	246	16.40	81
2026-10-16	12k	14k	1.17	2k
2026-12-18	39k	26k	0.66	2k
2027-01-15	54k	31k	0.57	1k
2027-03-19	6k	7k	1.16	178
2027-06-17	7k	5k	0.70	407
2028-01-21	8k	8k	1.05	345

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