HL Options Chain Analysis

As of previous close (2026-09-04) · OPRA historical data

Spot $20.76 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.75

373k P / 497k C

Put/Call (Volume)

0.60

9k P / 15k C that session

30d ATM IV

62%

annualized implied move

Call wall

$25

42k contracts

Put wall

$10

220k contracts

Tail hedging

1.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $25 (42k contracts), 20% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $10 (220k contracts), 52% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 62% — 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 2026-10-02. 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 that session
2026-10-09	185	90	0.49	235
2026-10-16	10k	2k	0.24	1k
2026-10-23	207	20	0.10	56
2026-12-18	34k	17k	0.50	1k
2027-01-15	179k	115k	0.64	503
2027-03-19	32k	7k	0.21	256
2028-01-21	71k	176k	2.49	4k

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.