HAL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $34.89.

Put/Call (OI)

0.80

229k P / 286k C

Put/Call (Volume)

0.79

6k P / 8k C today

30d ATM IV

33%

annualized implied move

Call wall

$35

56k contracts

Put wall

$32

22k contracts

Tail hedging

1.4×

deep-OTM puts vs calls

What the positioning says

●Call wall at $35 (56k contracts), 0% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $32 (22k contracts), 8% 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	17k	20k	1.17	3k
2026-08-28	12k	1k	0.11	3k
2026-09-04	745	728	0.98	183
2026-09-11	314	391	1.25	337
2026-09-18	78k	73k	0.93	5k
2026-09-25	81	149	1.84	74
2026-10-02	19	19	1.00	1
2026-10-16	17k	12k	0.70	2k
2026-12-18	34k	17k	0.51	223
2027-01-15	105k	77k	0.73	136
2027-03-19	4k	7k	1.62	101
2027-06-17	515	7k	14.07	172
2028-01-21	17k	14k	0.83	120

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