ELV Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $390.24.

Put/Call (OI)

0.78

15k P / 20k C

Put/Call (Volume)

0.19

184 P / 973 C today

30d ATM IV

33%

annualized implied move

Call wall

$420

2k contracts

Put wall

$360

2k contracts

Tail hedging

1.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $420 (2k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $360 (2k contracts), 8% below spot — the hedge floor; often acts as support.

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	4k	2k	0.57	496
2026-09-18	4k	4k	0.96	549
2026-10-16	1k	411	0.37	7
2026-11-20	711	262	0.37	6
2026-12-18	923	2k	2.55	11
2027-01-15	6k	4k	0.68	50
2027-03-19	1k	750	0.59	10
2027-06-17	443	417	0.94	8
2028-01-21	2k	933	0.62	20

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