BX Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $140.57.

Put/Call (OI)

1.41

286k P / 203k C

Put/Call (Volume)

1.15

10k P / 9k C today

30d ATM IV

35%

annualized implied move

Call wall

$175

28k contracts

Put wall

$100

41k contracts

Tail hedging

2.3×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.41 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $175 (28k contracts), 24% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $100 (41k contracts), 29% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.3× 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 2026-09-18. 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 today
2026-08-21	25k	43k	1.72	9k
2026-08-28	3k	3k	0.83	838
2026-09-04	2k	1k	0.69	843
2026-09-11	1k	321	0.28	650
2026-09-18	55k	47k	0.85	2k
2026-09-25	385	348	0.90	142
2026-10-02	34	3	0.09	75
2026-10-16	9k	12k	1.40	1k
2026-11-20	10k	11k	1.11	485
2026-12-18	16k	21k	1.28	327
2027-01-15	35k	48k	1.37	670
2027-02-19	991	2k	2.02	305
2027-03-19	5k	14k	2.79	275
2027-06-17	14k	28k	2.03	734
2027-12-17	5k	10k	1.94	944
2028-01-21	15k	30k	1.94	733
2028-12-15	7k	16k	2.39	114

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