HLT Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $326.12.

Put/Call (OI)

1.10

18k P / 16k C

Put/Call (Volume)

0.38

299 P / 794 C today

30d ATM IV

24%

annualized implied move

Call wall

$340

1k contracts

Put wall

$290

2k contracts

Tail hedging

3.1×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.10 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $340 (1k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $290 (2k contracts), 11% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.1× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 24% — calm pricing; option premium is cheap.

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	1k	1k	1.04	199
2026-08-28	96	71	0.74	249
2026-09-04	43	42	0.98	21
2026-09-11	160	641	4.01	2
2026-09-18	4k	7k	1.61	174
2026-09-25	5	15	3.00	182
2026-10-02	0	0	—	0
2026-10-16	2k	1k	0.85	27
2026-12-18	2k	1k	0.81	99
2027-01-15	4k	4k	1.07	61
2027-03-19	1k	382	0.35	36
2027-06-17	563	220	0.39	3
2028-01-21	1k	879	0.77	40

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