GFS Options Chain Analysis

As of previous close (2026-09-11) · OPRA historical data

Spot $46.71 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

1.11

59k P / 53k C

Put/Call (Volume)

0.21

114 P / 549 C that session

30d ATM IV

52%

annualized implied move

Call wall

$55

10k contracts

Put wall

$45

19k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.11 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $55 (10k contracts), 18% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $45 (19k contracts), 4% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.4× deep-OTM put OI — speculative upside positioning dominates the tails.

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 2026-10-16. 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 that session
2026-09-18	10k	9k	0.89	235
2026-10-16	20k	11k	0.53	317
2027-01-15	15k	12k	0.85	61
2027-03-19	789	822	1.04	10
2027-04-16	238	517	2.17	1
2027-06-17	913	10k	10.96	3
2027-09-17	3k	3k	1.05	5
2028-01-21	3k	12k	3.56	22
2028-12-15	383	727	1.90	9

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.