GLW Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $173.28.

Put/Call (OI)

1.02

304k P / 297k C

Put/Call (Volume)

0.62

25k P / 40k C today

30d ATM IV

67%

annualized implied move

Call wall

$200

17k contracts

Put wall

$120

29k contracts

Tail hedging

2.1×

deep-OTM puts vs calls

What the positioning says

●Call wall at $200 (17k contracts), 15% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $120 (29k contracts), 31% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.1× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 67% — 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 2026-09-18. 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	79k	51k	0.65	25k
2026-08-28	9k	11k	1.27	7k
2026-09-04	4k	6k	1.70	3k
2026-09-11	2k	4k	2.55	1k
2026-09-18	61k	65k	1.07	17k
2026-09-25	943	2k	1.87	1k
2026-10-02	37	298	8.05	210
2026-10-16	11k	22k	1.93	4k
2026-11-20	27k	29k	1.08	1k
2026-12-18	17k	28k	1.66	1k
2027-01-15	41k	35k	0.85	2k
2027-02-19	3k	2k	0.73	269
2027-03-19	9k	19k	2.15	940
2027-04-16	1k	1k	0.96	58
2027-05-21	280	437	1.56	23
2027-06-17	7k	9k	1.31	291
2027-09-17	533	157	0.29	129
2027-12-17	8k	7k	0.90	394
2028-01-21	15k	10k	0.65	644
2028-03-17	188	227	1.21	18
2028-06-16	2k	2k	0.93	123

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