FCNCA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $2,248.18.

Put/Call (OI)

0.91

846 P / 934 C

Put/Call (Volume)

1.67

70 P / 42 C today

30d ATM IV

22%

annualized implied move

Call wall

$2,400

87 contracts

Put wall

$2,020

54 contracts

Tail hedging

6.8×

deep-OTM puts vs calls

What the positioning says

●Call wall at $2,400 (87 contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $2,020 (54 contracts), 10% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 6.8× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 22% — calm pricing; option premium is cheap.

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	420	556	1.32	51
2026-09-18	155	43	0.28	53
2026-11-20	256	195	0.76	8
2027-02-19	103	52	0.50	0
2027-05-21	0	0	—	0
2027-08-20	0	0	—	0
2027-11-19	0	0	—	0

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