BTI Options Chain Analysis

As of previous close (2026-10-06) · OPRA historical data

Spot $52.92 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.60

33k P / 56k C

Put/Call (Volume)

0.33

301 P / 919 C that session

30d ATM IV

22%

annualized implied move

Call wall

$60

9k contracts

Put wall

$50

4k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.60 puts per call outstanding.
●Call wall at $60 (9k contracts), 13% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $50 (4k contracts), 6% 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 22% — 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 2026-11-20. 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	0.72	149
2026-11-20	768	525	0.68	155
2026-12-18	12k	7k	0.56	206
2027-01-15	18k	15k	0.82	90
2027-03-19	3k	2k	0.63	30
2027-06-17	612	822	1.34	11
2027-07-16	4k	2k	0.42	85
2027-12-17	425	94	0.22	2
2028-01-21	13k	5k	0.34	280
2028-03-17	107	59	0.55	0
2028-07-21	439	249	0.57	10
2028-12-15	298	84	0.28	2
2029-01-19	402	47	0.12	200

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.