FMX Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $117.28.

Put/Call (OI)

0.09

99 P / 1k C

Put/Call (Volume)

0.75

3 P / 4 C today

30d ATM IV

23%

annualized implied move

Call wall

$135

706 contracts

Put wall

$115

7 contracts

Tail hedging

0.0×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.09 puts per call outstanding.
●Call wall at $135 (706 contracts), 15% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $115 (7 contracts), 2% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 342.0× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 23% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	612	13	0.02	3
2026-09-18	24	0	0.00	1
2026-10-16	343	15	0.04	3
2027-01-15	118	71	0.60	0

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