HDB Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $23.09.

Put/Call (OI)

0.70

14k P / 20k C

Put/Call (Volume)

0.06

15 P / 258 C today

30d ATM IV

59%

annualized implied move

Call wall

$27.5

8k contracts

Put wall

$22.5

5k contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.70 puts per call outstanding.
●Call wall at $27.5 (8k contracts), 19% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $22.5 (5k contracts), 3% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 7.1× deep-OTM put OI — speculative upside positioning dominates the tails.

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	2k	2k	1.54	9
2026-09-18	516	345	0.67	25
2026-10-16	14k	7k	0.51	40
2027-01-15	3k	4k	1.08	199

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