HMC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $31.95.

Put/Call (OI)

0.94

8k P / 8k C

Put/Call (Volume)

0.02

3 P / 121 C today

30d ATM IV

22%

annualized implied move

Call wall

$32.5

2k contracts

Put wall

$25

5k contracts

Tail hedging

109.5×

deep-OTM puts vs calls

What the positioning says

●Call wall at $32.5 (2k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $25 (5k contracts), 22% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 109.5× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 22% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	2k	991	0.47	12
2026-09-18	726	4k	5.36	2
2026-10-16	2k	2k	1.01	107
2026-12-18	3k	1k	0.34	2
2027-01-15	751	330	0.44	1

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