HON Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $227.31.

Put/Call (OI)

0.69

21k P / 30k C

Put/Call (Volume)

1.09

1k P / 978 C today

30d ATM IV

26%

annualized implied move

Call wall

$240

8k contracts

Put wall

$220

4k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.69 puts per call outstanding.
●Call wall at $240 (8k contracts), 6% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $220 (4k contracts), 3% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.0× 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.

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	7k	7k	1.02	691
2026-08-28	722	706	0.98	197
2026-09-04	112	129	1.15	29
2026-09-11	135	313	2.32	67
2026-09-18	6k	4k	0.65	467
2026-09-25	343	282	0.82	27
2026-10-02	83	18	0.22	10
2026-10-16	8k	2k	0.21	225
2026-11-20	304	61	0.20	43
2026-12-18	928	747	0.80	104
2027-01-15	1k	1k	1.01	31
2027-03-19	995	2k	1.73	7
2027-06-17	2k	2k	1.25	107
2028-01-21	2k	1k	0.43	36

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