GFI Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $41.68.

Put/Call (OI)

1.03

35k P / 34k C

Put/Call (Volume)

0.36

584 P / 2k C today

30d ATM IV

56%

annualized implied move

Call wall

$45

6k contracts

Put wall

$40

8k contracts

Tail hedging

4.5×

deep-OTM puts vs calls

What the positioning says

●Call wall at $45 (6k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $40 (8k contracts), 4% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.5× 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	14k	6k	0.41	122
2026-09-18	9k	5k	0.49	1k
2026-10-16	2k	18k	8.02	393
2027-01-15	2k	3k	1.51	124
2027-03-19	5k	3k	0.65	62
2028-01-21	2k	1k	0.66	106

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