DELL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $461.88.

Put/Call (OI)

1.23

387k P / 315k C

Put/Call (Volume)

1.58

48k P / 31k C today

30d ATM IV

82%

annualized implied move

Call wall

$500

18k contracts

Put wall

$100

19k contracts

Tail hedging

4.2×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.23 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $500 (18k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $100 (19k contracts), 78% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.2× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 82% — the market prices very large moves; option premium is expensive.

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	49k	62k	1.28	34k
2026-08-28	11k	16k	1.37	11k
2026-09-04	8k	5k	0.68	7k
2026-09-11	2k	2k	1.09	910
2026-09-18	88k	62k	0.71	9k
2026-09-25	718	1k	1.54	355
2026-10-02	120	177	1.48	610
2026-10-16	11k	14k	1.29	6k
2026-11-20	9k	8k	0.95	588
2026-12-18	22k	43k	1.94	4k
2027-01-15	42k	74k	1.77	672
2027-03-19	15k	18k	1.19	280
2027-06-17	12k	18k	1.56	644
2027-09-17	5k	5k	1.13	228
2027-12-17	12k	19k	1.60	123
2028-01-21	18k	25k	1.42	3k
2028-06-16	3k	925	0.36	1k
2028-12-15	10k	13k	1.29	360

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