HPE Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-17. Spot $57.7.

Put/Call (OI)

0.71

244k P / 343k C

Put/Call (Volume)

0.65

28k P / 42k C today

30d ATM IV

74%

annualized implied move

Call wall

$60

46k contracts

Put wall

$22

23k contracts

Tail hedging

2.4×

deep-OTM puts vs calls

What the positioning says

●Call wall at $60 (46k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $22 (23k contracts), 62% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.4× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 74% — 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 2026-09-18. 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	93k	48k	0.51	11k
2026-08-28	9k	11k	1.15	31k
2026-09-04	14k	3k	0.20	2k
2026-09-11	2k	775	0.33	591
2026-09-18	71k	57k	0.80	11k
2026-09-25	2k	3k	1.96	256
2026-10-02	199	64	0.32	108
2026-11-20	16k	8k	0.50	7k
2026-12-18	43k	22k	0.51	259
2027-01-15	50k	43k	0.86	2k
2027-02-19	1k	2k	1.31	278
2027-03-19	12k	35k	2.89	3k
2027-06-17	3k	5k	1.91	603
2028-01-21	27k	7k	0.25	536

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