HYLN Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-20. Spot $3.73.

Put/Call (OI)

0.18

10k P / 54k C

Put/Call (Volume)

0.32

468 P / 1k C today

30d ATM IV

99%

annualized implied move

Call wall

12k contracts

Put wall

4k contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.18 puts per call outstanding.
●Call wall at $6 (12k contracts), 61% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $3 (4k contracts), 20% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 7.6× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 99% — the market prices very large moves; option premium is expensive.

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	7k	3k	0.41	200
2026-09-18	2k	1k	0.67	306
2026-10-16	20k	3k	0.13	960
2027-01-15	25k	3k	0.12	469

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