BMY Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $64.63.

Put/Call (OI)

0.95

360k P / 380k C

Put/Call (Volume)

0.96

9k P / 10k C today

30d ATM IV

26%

annualized implied move

Call wall

$65

54k contracts

Put wall

$55

49k contracts

Tail hedging

3.6×

deep-OTM puts vs calls

What the positioning says

●Call wall at $65 (54k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $55 (49k contracts), 15% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.6× 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	49k	46k	0.93	10k
2026-08-28	3k	4k	1.37	638
2026-09-04	584	311	0.53	1k
2026-09-11	1k	429	0.35	193
2026-09-18	86k	80k	0.93	2k
2026-09-25	227	125	0.55	94
2026-10-02	15	1	0.07	28
2026-10-16	12k	6k	0.49	698
2026-11-20	365	161	0.44	361
2026-12-18	93k	55k	0.60	2k
2027-01-15	77k	83k	1.08	662
2027-03-19	24k	24k	0.97	133
2027-06-17	17k	32k	1.90	361
2027-12-17	6k	9k	1.67	22
2028-01-21	6k	11k	1.99	58
2028-12-15	6k	9k	1.35	64

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