GFS Options Chain Analysis

As of previous close (2026-10-27) · OPRA historical data

Spot $46 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

1.16

55k P / 48k C

Put/Call (Volume)

0.71

477 P / 668 C that session

30d ATM IV

74%

annualized implied move

Call wall

$55

10k contracts

Put wall

$45

18k contracts

Tail hedging

0.5×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.16 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $55 (10k contracts), 20% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $45 (18k contracts), 2% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.0× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 74% — the market prices very large moves; option premium is expensive.

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 2026-11-20. 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
2026-11-20	6k	7k	1.21	688
2026-12-18	581	277	0.48	37
2027-01-15	26k	13k	0.52	128
2027-03-19	4k	1k	0.37	93
2027-04-16	724	2k	2.39	96
2027-06-17	1k	11k	8.16	14
2027-09-17	3k	6k	1.80	39
2028-01-21	5k	14k	2.66	27
2028-12-15	506	738	1.46	7
2029-01-19	399	101	0.25	16

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.