HUM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $384.31.

Put/Call (OI)

0.83

58k P / 70k C

Put/Call (Volume)

1.26

2k P / 1k C today

30d ATM IV

45%

annualized implied move

Call wall

$400

6k contracts

Put wall

$220

5k contracts

Tail hedging

2.4×

deep-OTM puts vs calls

What the positioning says

●Call wall at $400 (6k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $220 (5k contracts), 43% 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.

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	9k	11k	1.19	680
2026-08-28	347	361	1.04	70
2026-09-04	184	95	0.52	21
2026-09-11	247	342	1.38	109
2026-09-18	12k	8k	0.67	947
2026-09-25	335	119	0.36	216
2026-10-02	0	9	—	95
2026-10-16	8k	2k	0.23	345
2026-11-20	4k	4k	0.96	68
2026-12-18	7k	5k	0.74	9
2027-01-15	18k	17k	0.94	295
2027-02-19	84	1k	15.80	82
2027-03-19	1k	2k	2.15	38
2027-04-16	2k	963	0.51	17
2027-06-17	1k	381	0.31	55
2028-01-21	7k	6k	0.84	47

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