BN Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $42.13.

Put/Call (OI)

0.99

22k P / 22k C

Put/Call (Volume)

7.38

753 P / 102 C today

30d ATM IV

23%

annualized implied move

Call wall

$48

4k contracts

Put wall

$35

8k contracts

Tail hedging

1.2×

deep-OTM puts vs calls

What the positioning says

●Call wall at $48 (4k contracts), 14% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $35 (8k contracts), 17% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 23% — calm pricing; option premium is cheap.

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	9k	3k	0.37	152
2026-09-18	5k	2k	0.41	275
2026-10-16	5k	15k	2.72	220
2027-01-15	3k	2k	0.70	208

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