FUTU Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $109.14.

Put/Call (OI)

1.27

67k P / 53k C

Put/Call (Volume)

0.67

3k P / 4k C today

30d ATM IV

48%

annualized implied move

Call wall

$122.45

3k contracts

Put wall

$67.45

9k contracts

Tail hedging

1.4×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.27 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $122.45 (3k contracts), 12% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $67.45 (9k contracts), 38% below spot — the hedge floor; often acts as support.

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	13k	19k	1.52	4k
2026-08-28	2k	1k	0.95	907
2026-09-04	170	1k	6.69	237
2026-09-11	100	677	6.77	61
2026-09-18	12k	11k	0.93	197
2026-09-25	12	498	41.50	80
2026-10-02	1	0	0.00	0
2026-10-16	3k	3k	1.05	202
2026-11-20	5k	5k	1.10	257
2027-01-15	12k	18k	1.48	543
2027-02-19	2k	504	0.21	7
2027-06-17	964	3k	3.34	34
2028-01-21	3k	3k	0.88	7

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