GD Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $391.14.

Put/Call (OI)

0.62

12k P / 19k C

Put/Call (Volume)

2.14

600 P / 281 C today

30d ATM IV

17%

annualized implied move

Call wall

$400

1k contracts

Put wall

$330

1k contracts

Tail hedging

2.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.62 puts per call outstanding.
●Call wall at $400 (1k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $330 (1k contracts), 16% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.3× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 17% — 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.

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	3k	2k	0.85	622
2026-08-28	204	127	0.62	24
2026-09-04	126	18	0.14	4
2026-09-11	81	0	0.00	17
2026-09-18	4k	3k	0.67	99
2026-09-25	129	6	0.05	31
2026-10-02	52	1	0.02	7
2026-11-20	2k	545	0.35	13
2026-12-18	3k	1k	0.41	29
2027-01-15	5k	3k	0.58	8
2027-02-19	287	52	0.18	7
2027-03-19	283	704	2.49	2
2027-06-17	499	752	1.51	8
2028-01-21	2k	1k	0.55	10

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