BTI Options Chain Analysis

As of previous close (2026-10-02) · OPRA historical data

Spot $52.74 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.61

34k P / 55k C

Put/Call (Volume)

0.47

75 P / 158 C that session

30d ATM IV

23%

annualized implied move

Call wall

$60

9k contracts

Put wall

$50

3k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.61 puts per call outstanding.
●Call wall at $60 (9k contracts), 14% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $50 (3k contracts), 5% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.4× deep-OTM put OI — speculative upside positioning dominates the tails.
●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 2026-10-16. A steep left side = expensive downside protection.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume that session
2026-10-16	3k	2k	0.80	32
2026-11-20	671	512	0.76	79
2026-12-18	12k	7k	0.59	20
2027-01-15	18k	15k	0.82	25
2027-03-19	3k	2k	0.66	54
2027-06-17	596	818	1.37	11
2027-07-16	4k	2k	0.42	1
2027-12-17	419	84	0.20	0
2028-01-21	13k	5k	0.34	5
2028-03-17	107	48	0.45	0
2028-07-21	438	247	0.56	0
2028-12-15	267	84	0.31	6
2029-01-19	204	43	0.21	0

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.