FNV Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $239.5.

Put/Call (OI)

1.16

11k P / 10k C

Put/Call (Volume)

0.97

211 P / 217 C today

30d ATM IV

37%

annualized implied move

Call wall

$240

1k contracts

Put wall

$200

2k contracts

Tail hedging

3.1×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.16 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $240 (1k contracts), 0% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $200 (2k contracts), 16% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.1× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	2k	3k	1.21	79
2026-09-18	1k	1k	1.05	186
2026-10-16	2k	2k	1.04	53
2027-01-15	4k	5k	1.21	110

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