DAL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $87.66.

Put/Call (OI)

1.18

213k P / 180k C

Put/Call (Volume)

1.54

10k P / 7k C today

30d ATM IV

35%

annualized implied move

Call wall

$90

23k contracts

Put wall

$75

24k contracts

Tail hedging

4.1×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.18 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $90 (23k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $75 (24k contracts), 14% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.1× 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 2026-09-18. 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	32k	22k	0.68	4k
2026-08-28	2k	3k	1.22	4k
2026-09-04	463	1k	2.81	453
2026-09-11	635	709	1.12	253
2026-09-18	42k	67k	1.59	5k
2026-09-25	176	359	2.04	116
2026-10-02	18	92	5.11	100
2026-10-16	2k	981	0.46	139
2026-11-20	72	182	2.53	639
2026-12-18	26k	33k	1.28	333
2027-01-15	55k	53k	0.97	359
2027-03-19	7k	14k	1.92	356
2027-06-17	4k	3k	0.58	673
2028-01-21	7k	14k	1.95	930

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