BNY Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $164.27.

Put/Call (OI)

1.31

76k P / 58k C

Put/Call (Volume)

1.20

616 P / 512 C today

30d ATM IV

23%

annualized implied move

Call wall

$170

3k contracts

Put wall

$140

20k contracts

Tail hedging

32.4×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.31 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $170 (3k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $140 (20k contracts), 15% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 32.4× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●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	4k	3k	0.68	122
2026-09-18	18k	14k	0.77	408
2026-12-18	3k	3k	1.18	259
2027-01-15	14k	37k	2.62	85
2027-03-19	8k	12k	1.53	59
2027-06-17	4k	3k	0.77	119
2028-01-21	7k	4k	0.57	76

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