FANG Options Chain Analysis

As of previous close (2026-10-02) · OPRA historical data

Spot $184.71 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.54

25k P / 46k C

Put/Call (Volume)

0.67

147 P / 221 C that session

30d ATM IV

34%

annualized implied move

Call wall

$220

8k contracts

Put wall

$160

2k contracts

Tail hedging

0.5×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.54 puts per call outstanding.
●Call wall at $220 (8k contracts), 19% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $160 (2k contracts), 13% 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 2026-10-16. 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 that session
2026-10-16	7k	3k	0.47	159
2026-11-20	1k	483	0.45	124
2026-12-18	5k	4k	0.80	8
2027-01-15	15k	8k	0.57	34
2027-03-19	4k	823	0.18	31
2027-06-17	4k	3k	0.60	3
2027-08-20	1k	508	0.48	0
2027-09-17	580	122	0.21	0
2027-11-19	62	59	0.95	0
2028-01-21	8k	5k	0.62	0
2029-01-19	37	25	0.68	9

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.