FFIV Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $396.

Put/Call (OI)

0.92

7k P / 8k C

Put/Call (Volume)

0.25

95 P / 386 C today

30d ATM IV

34%

annualized implied move

Call wall

$450

788 contracts

Put wall

$360

803 contracts

Tail hedging

0.9×

deep-OTM puts vs calls

What the positioning says

●Call wall at $450 (788 contracts), 14% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $360 (803 contracts), 9% 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	3k	3k	1.08	365
2026-09-18	608	778	1.28	58
2026-10-16	1k	738	0.58	6
2026-11-20	273	1k	3.67	3
2026-12-18	1k	862	0.73	8
2027-01-15	593	121	0.20	6
2027-02-19	391	230	0.59	3
2027-05-21	105	10	0.10	5
2027-08-20	37	6	0.16	1
2027-11-19	312	129	0.41	26

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