FISV Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $52.25.

Put/Call (OI)

0.91

265k P / 292k C

Put/Call (Volume)

0.42

2k P / 6k C today

30d ATM IV

37%

annualized implied move

Call wall

$55

116k contracts

Put wall

$50

171k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Call wall at $55 (116k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $50 (171k contracts), 4% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.8× 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 2026-09-18. 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	15k	18k	1.23	2k
2026-08-28	4k	3k	0.69	1k
2026-09-04	1k	2k	1.60	88
2026-09-11	600	774	1.29	249
2026-09-18	144k	181k	1.25	2k
2026-09-25	395	319	0.81	104
2026-10-02	27	12	0.44	49
2026-12-18	18k	17k	0.95	388
2027-01-15	45k	20k	0.44	545
2027-03-19	4k	6k	1.56	86
2027-06-17	2k	2k	0.85	153
2028-01-21	59k	17k	0.28	1k

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