FDX Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $331.49.

Put/Call (OI)

0.52

20k P / 38k C

Put/Call (Volume)

2.18

2k P / 1k C today

30d ATM IV

27%

annualized implied move

Call wall

$340

8k contracts

Put wall

$310

2k contracts

Tail hedging

1.6×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.52 puts per call outstanding.
●Call wall at $340 (8k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $310 (2k contracts), 6% 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	7k	7k	0.98	2k
2026-08-28	1k	709	0.56	243
2026-09-04	875	941	1.08	127
2026-09-11	411	310	0.75	29
2026-09-18	22k	3k	0.16	686
2026-09-25	116	172	1.48	25
2026-10-02	12	4	0.33	51
2026-10-16	3k	3k	0.98	176
2026-12-18	1k	1k	1.09	20
2027-01-15	961	1k	1.18	21
2027-03-19	612	684	1.12	6
2027-06-17	435	360	0.83	20
2028-01-21	872	1k	1.18	14

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