ENPH Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $38.8.

Put/Call (OI)

0.70

167k P / 238k C

Put/Call (Volume)

0.70

6k P / 8k C today

30d ATM IV

66%

annualized implied move

Call wall

$60

30k contracts

Put wall

$35

31k contracts

Tail hedging

0.2×

deep-OTM puts vs calls

What the positioning says

●Call wall at $60 (30k contracts), 55% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $35 (31k contracts), 10% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 4.3× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 66% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	36k	30k	0.84	5k
2026-08-28	2k	2k	0.77	1k
2026-09-04	1k	3k	2.33	456
2026-09-11	629	1k	1.73	156
2026-09-18	34k	32k	0.93	2k
2026-09-25	416	163	0.39	593
2026-10-02	32	9	0.28	103
2026-10-16	5k	4k	0.74	506
2026-11-20	13k	8k	0.63	910
2026-12-18	28k	19k	0.67	2k
2027-01-15	76k	32k	0.43	521
2027-02-19	893	1k	1.29	152
2027-06-17	20k	20k	1.00	397
2028-01-21	14k	13k	0.90	367
2028-12-15	7k	2k	0.37	150

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