GSK Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $50.34.

Put/Call (OI)

1.14

42k P / 37k C

Put/Call (Volume)

0.39

912 P / 2k C today

30d ATM IV

26%

annualized implied move

Call wall

$60

9k contracts

Put wall

$45

16k contracts

Tail hedging

1.7×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.14 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $60 (9k contracts), 19% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $45 (16k contracts), 11% 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	12k	26k	2.16	1k
2026-08-28	338	139	0.41	760
2026-09-04	268	268	1.00	436
2026-09-11	43	92	2.14	72
2026-09-18	2k	2k	0.91	419
2026-09-25	108	53	0.49	28
2026-10-02	80	4	0.05	13
2026-11-20	6k	2k	0.40	275
2027-01-15	9k	7k	0.80	158
2027-02-19	771	2k	2.86	5
2028-01-21	6k	2k	0.26	31

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