ETN Options Chain Analysis

As of previous close (2026-10-16) · OPRA historical data

Spot $389.5 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.66

57k P / 86k C

Put/Call (Volume)

3.83

9k P / 2k C that session

30d ATM IV

44%

annualized implied move

Call wall

$420

25k contracts

Put wall

$370

5k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.66 puts per call outstanding.
●Call wall at $420 (25k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $370 (5k contracts), 5% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.5× deep-OTM put OI — speculative upside positioning dominates the tails.

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 2026-11-13. A steep left side = expensive downside protection.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume that session
2026-10-23	1k	5k	3.61	2k
2026-10-30	2k	5k	2.27	495
2026-11-06	831	1k	1.60	3k
2026-11-13	69	2k	32.81	1k
2026-11-20	48k	6k	0.12	2k
2026-11-27	114	309	2.71	41
2026-12-18	6k	4k	0.73	273
2027-01-15	9k	12k	1.29	183
2027-03-19	4k	2k	0.56	32
2027-04-16	121	350	2.89	230
2027-06-17	2k	3k	1.38	87
2027-09-17	466	984	2.11	31
2028-01-21	4k	3k	0.88	73
2029-01-19	168	162	0.96	109

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.