HUBB Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $504.3.

Put/Call (OI)

2.97

14k P / 5k C

Put/Call (Volume)

2.39

43 P / 18 C today

30d ATM IV

32%

annualized implied move

Call wall

$520

884 contracts

Put wall

$390

4k contracts

Tail hedging

7.8×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 2.97 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $520 (884 contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $390 (4k contracts), 23% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 7.8× 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	2k	671	0.35	31
2026-09-18	1k	11k	10.02	9
2026-11-20	631	199	0.32	4
2026-12-18	399	286	0.72	17
2027-03-19	560	2k	4.01	0
2027-06-17	294	289	0.98	0

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