GM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $84.41.

Put/Call (OI)

0.68

134k P / 198k C

Put/Call (Volume)

0.69

6k P / 9k C today

30d ATM IV

31%

annualized implied move

Call wall

$100

30k contracts

Put wall

$60

14k contracts

Tail hedging

1.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.68 puts per call outstanding.
●Call wall at $100 (30k contracts), 18% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $60 (14k contracts), 29% 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	21k	15k	0.71	6k
2026-08-28	4k	2k	0.60	2k
2026-09-04	866	740	0.85	390
2026-09-11	293	240	0.82	175
2026-09-18	52k	34k	0.64	4k
2026-09-25	260	151	0.58	77
2026-10-02	9	24	2.67	20
2026-12-18	33k	28k	0.84	624
2027-01-15	44k	38k	0.85	480
2027-03-19	4k	2k	0.43	192
2027-06-17	27k	5k	0.17	318
2028-01-21	11k	11k	1.01	62

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