HPQ Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $29.4.

Put/Call (OI)

1.43

317k P / 222k C

Put/Call (Volume)

2.87

16k P / 6k C today

30d ATM IV

58%

annualized implied move

Call wall

$30

33k contracts

Put wall

$24

34k contracts

Tail hedging

3.6×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.43 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $30 (33k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $24 (34k contracts), 18% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.6× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	50k	53k	1.07	2k
2026-08-28	5k	8k	1.59	3k
2026-09-04	1k	1k	0.94	516
2026-09-11	368	382	1.04	171
2026-09-18	46k	140k	3.05	9k
2026-09-25	251	142	0.57	163
2026-10-02	35	1k	28.63	75
2026-10-16	5k	38k	7.26	770
2026-11-20	14k	12k	0.81	2k
2026-12-18	17k	16k	0.95	2k
2027-01-15	45k	22k	0.48	884
2027-02-19	2k	927	0.48	107
2027-03-19	7k	6k	0.78	16
2027-06-17	7k	7k	0.98	492
2028-01-21	21k	11k	0.55	218

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