HSBC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $104.05.

Put/Call (OI)

1.71

47k P / 28k C

Put/Call (Volume)

0.42

2k P / 6k C today

30d ATM IV

22%

annualized implied move

Call wall

$105

4k contracts

Put wall

$80

10k contracts

Tail hedging

29.9×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.71 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $105 (4k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $80 (10k contracts), 23% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 29.9× 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	2k	1.01	759
2026-08-28	280	88	0.31	190
2026-09-04	16	26	1.63	12
2026-09-11	31	27	0.87	3
2026-09-18	7k	16k	2.43	3k
2026-09-25	8	14	1.75	37
2026-10-02	0	0	—	0
2026-12-18	7k	17k	2.52	110
2027-01-15	6k	6k	1.10	4k
2027-03-19	485	648	1.34	21
2027-06-17	3k	3k	1.20	147
2028-01-21	2k	2k	0.84	17

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