FLEX Options Chain Analysis

As of previous close (2026-09-11) · OPRA historical data

Spot $108.21 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.62

28k P / 46k C

Put/Call (Volume)

0.33

387 P / 1k C that session

30d ATM IV

57%

annualized implied move

Call wall

$200

5k contracts

Put wall

$90

5k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.62 puts per call outstanding.
●Call wall at $200 (5k contracts), 85% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $90 (5k contracts), 17% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.7× 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume that session
2026-09-18	12k	14k	1.15	556
2026-10-16	14k	5k	0.34	686
2026-11-20	4k	4k	1.04	101
2027-01-15	12k	3k	0.26	59
2027-02-19	723	288	0.40	7
2027-04-16	315	50	0.16	117
2028-01-21	3k	2k	0.80	23

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.