FANG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $206.29.

Put/Call (OI)

0.72

32k P / 44k C

Put/Call (Volume)

1.50

869 P / 581 C today

30d ATM IV

32%

annualized implied move

Call wall

$220

10k contracts

Put wall

$180

4k contracts

Tail hedging

1.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $220 (10k contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $180 (4k contracts), 13% 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	5k	6k	1.20	780
2026-09-18	10k	10k	0.99	348
2026-12-18	5k	3k	0.61	96
2027-01-15	15k	8k	0.51	195
2027-03-19	2k	281	0.12	1
2027-06-17	3k	2k	0.60	19
2027-08-20	55	0	0.00	0
2027-11-19	97	23	0.24	8
2028-01-21	4k	3k	0.88	3

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