BP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $42.75.

Put/Call (OI)

0.55

155k P / 283k C

Put/Call (Volume)

0.67

3k P / 5k C today

30d ATM IV

29%

annualized implied move

Call wall

$55

33k contracts

Put wall

$38

20k contracts

Tail hedging

0.9×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.55 puts per call outstanding.
●Call wall at $55 (33k contracts), 29% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $38 (20k contracts), 11% below spot — the hedge floor; often acts as support.

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	20k	19k	0.96	3k
2026-08-28	2k	1k	0.63	1k
2026-09-04	557	180	0.32	167
2026-09-11	213	353	1.66	216
2026-09-18	92k	38k	0.42	1k
2026-09-25	289	15	0.05	20
2026-10-02	2	1	0.50	0
2026-10-16	17k	23k	1.37	1k
2026-12-18	36k	22k	0.60	387
2027-01-15	66k	30k	0.46	635
2027-03-19	8k	5k	0.59	84
2027-06-17	5k	3k	0.55	185
2028-01-21	36k	13k	0.35	109

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