BUD Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $77.95.

Put/Call (OI)

0.66

36k P / 55k C

Put/Call (Volume)

3.01

205 P / 68 C today

30d ATM IV

22%

annualized implied move

Call wall

$90

7k contracts

Put wall

$75

4k contracts

Tail hedging

0.8×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.66 puts per call outstanding.
●Call wall at $90 (7k contracts), 15% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $75 (4k contracts), 4% below spot — the hedge floor; often acts as support.
●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 2026-09-18. A steep left side = expensive downside protection.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	5k	3k	0.56	190
2026-08-28	227	152	0.67	33
2026-09-04	178	28	0.16	10
2026-09-11	21	469	22.33	4
2026-09-18	15k	8k	0.54	11
2026-09-25	26	462	17.77	0
2026-10-02	0	0	—	0
2026-12-18	7k	7k	1.00	4
2027-01-15	16k	8k	0.54	8
2027-03-19	2k	1k	0.76	10
2027-06-17	1k	983	0.97	2
2028-01-21	9k	7k	0.73	1

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