FTNT Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $155.71.

Put/Call (OI)

1.18

99k P / 84k C

Put/Call (Volume)

0.51

2k P / 4k C today

30d ATM IV

45%

annualized implied move

Call wall

$170

6k contracts

Put wall

$155

8k contracts

Tail hedging

3.2×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.18 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $170 (6k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $155 (8k contracts), 0% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.2× 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.

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	14k	19k	1.38	2k
2026-08-28	1k	1k	1.04	326
2026-09-04	532	356	0.67	89
2026-09-11	305	487	1.60	271
2026-09-18	21k	29k	1.36	1k
2026-09-25	183	108	0.59	282
2026-10-02	3	36	12.00	33
2026-10-16	3k	2k	0.83	395
2026-12-18	11k	11k	1.07	188
2027-01-15	24k	22k	0.92	708
2027-03-19	3k	7k	2.16	192
2027-06-17	917	741	0.81	69
2027-09-17	2k	2k	0.89	68
2028-01-21	3k	4k	1.25	411

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