ETN Options Chain Analysis

As of previous close (2026-10-27) · OPRA historical data

Spot $385.45 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.52

60k P / 115k C

Put/Call (Volume)

0.63

2k P / 3k C that session

30d ATM IV

45%

annualized implied move

Call wall

$420

22k contracts

Put wall

$340

6k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.52 puts per call outstanding.
●Call wall at $420 (22k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $340 (6k contracts), 12% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.2× 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 2026-11-27. A steep left side = expensive downside protection.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume that session
2026-10-30	4k	7k	1.61	870
2026-11-06	37k	6k	0.15	621
2026-11-13	463	3k	6.93	80
2026-11-20	45k	10k	0.22	823
2026-11-27	204	457	2.24	29
2026-12-04	19	24	1.26	243
2026-12-18	6k	11k	1.63	198
2027-01-15	10k	12k	1.27	156
2027-03-19	4k	2k	0.52	188
2027-04-16	281	656	2.33	478
2027-06-17	2k	3k	1.33	286
2027-09-17	689	1k	1.73	131
2028-01-21	4k	4k	0.87	81
2029-01-19	225	307	1.36	3

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.