EQNR Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $41.84.

Put/Call (OI)

1.00

69k P / 68k C

Put/Call (Volume)

0.08

235 P / 3k C today

30d ATM IV

36%

annualized implied move

Call wall

$43

8k contracts

Put wall

$38

17k contracts

Tail hedging

3.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $43 (8k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $38 (17k contracts), 9% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.3× 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	21k	37k	1.78	660
2026-09-18	3k	8k	2.45	1k
2026-10-16	20k	10k	0.50	1k
2027-01-15	20k	11k	0.56	331
2027-03-19	32	76	2.38	15
2027-05-21	3	218	72.67	0
2027-08-20	4	7	1.75	0
2027-11-19	1	4	4.00	0
2028-01-21	5k	3k	0.52	1

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