BSBR Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $5.71.

Put/Call (OI)

0.46

200 P / 431 C

Put/Call (Volume)

—

0 P / 0 C today

30d ATM IV

74%

annualized implied move

Call wall

$7.5

96 contracts

Put wall

184 contracts

Tail hedging

2.0×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.46 puts per call outstanding.
●Call wall at $7.5 (96 contracts), 31% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $5 (184 contracts), 12% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 74% — the market prices very large moves; option premium is expensive.

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
2026-08-21	14	65	4.64
2026-09-18	198	128	0.65
2026-12-18	186	6	0.03
2027-03-19	33	1	0.03

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