HST Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $22.85.

Put/Call (OI)

1.40

12k P / 9k C

Put/Call (Volume)

36.06

3k P / 90 C today

30d ATM IV

24%

annualized implied move

Call wall

$23.28

3k contracts

Put wall

$22.28

2k contracts

Tail hedging

0.8×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.40 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $23.28 (3k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $22.28 (2k contracts), 2% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 24% — 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.

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	5k	6k	1.22	2k
2026-09-18	560	3k	4.81	195
2026-10-16	2k	338	0.18	9
2027-01-15	883	3k	3.26	2k
2028-01-21	244	28	0.11	10

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