GILD Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $138.91.

Put/Call (OI)

0.48

53k P / 110k C

Put/Call (Volume)

0.52

2k P / 5k C today

30d ATM IV

27%

annualized implied move

Call wall

$150

20k contracts

Put wall

$120

7k contracts

Tail hedging

1.8×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.48 puts per call outstanding.
●Call wall at $150 (20k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $120 (7k contracts), 14% 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.

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	25k	9k	0.36	3k
2026-08-28	1k	730	0.52	339
2026-09-04	505	606	1.20	126
2026-09-11	433	62	0.14	268
2026-09-18	21k	10k	0.45	1k
2026-09-25	260	42	0.16	53
2026-10-02	0	1	—	73
2026-10-16	4k	843	0.20	337
2026-11-20	5k	2k	0.38	297
2026-12-18	4k	6k	1.70	80
2027-01-15	21k	10k	0.46	464
2027-02-19	619	640	1.03	220
2027-03-19	3k	3k	1.16	42
2027-06-17	12k	4k	0.36	376
2027-12-17	2k	4k	1.53	46
2028-01-21	7k	2k	0.23	31
2028-12-15	4k	2k	0.40	42

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