BURL Options Chain Analysis

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

Spot $275.34 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

2.06

34k P / 17k C

Put/Call (Volume)

1.34

4k P / 3k C that session

30d ATM IV

39%

annualized implied move

Call wall

$300

2k contracts

Put wall

$220

6k contracts

Tail hedging

3.1×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 2.06 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $300 (2k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $220 (6k contracts), 20% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.1× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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 2026-10-30. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume that session
2026-10-09	590	613	1.04	164
2026-10-16	6k	5k	0.76	2k
2026-10-23	412	4k	10.33	27
2026-10-30	147	5k	37.19	68
2026-11-06	29	19	0.66	5
2026-11-13	2	0	0.00	0
2026-11-20	923	5k	5.74	1k
2026-12-18	2k	1k	0.80	21
2027-01-15	2k	2k	1.20	75
2027-03-19	639	573	0.90	155
2028-01-21	2k	2k	0.71	1
2029-01-19	17	9	0.53	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.