HLN Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $9.58.

Put/Call (OI)

0.28

1k P / 4k C

Put/Call (Volume)

0.00

0 P / 280 C today

30d ATM IV

29%

annualized implied move

Call wall

$10

4k contracts

Put wall

$7.5

13 contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.28 puts per call outstanding.
●Call wall at $10 (4k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $7.5 (13 contracts), 22% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 14.0× 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	579	904	1.56	0
2026-09-18	64	119	1.86	0
2026-11-20	1k	132	0.09	0
2027-02-19	2k	6	0.00	280

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