IBM Options Chain Analysis

As of previous close (2026-10-15) · OPRA historical data

Spot $233.79 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.79

277k P / 352k C

Put/Call (Volume)

0.49

12k P / 25k C that session

30d ATM IV

42%

annualized implied move

Call wall

$300

31k contracts

Put wall

$220

25k contracts

Tail hedging

0.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $300 (31k contracts), 28% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $220 (25k contracts), 6% below spot — the hedge floor; often acts as support.

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 2026-11-13. 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 that session
2026-10-16	71k	45k	0.63	21k
2026-10-23	13k	8k	0.64	5k
2026-10-30	6k	6k	0.93	2k
2026-11-06	1k	1k	0.81	265
2026-11-13	808	525	0.65	150
2026-11-20	44k	24k	0.55	3k
2026-11-27	152	395	2.60	145
2026-12-18	40k	31k	0.78	2k
2027-01-15	71k	54k	0.76	3k
2027-02-19	3k	4k	1.30	273
2027-03-19	19k	20k	1.04	239
2027-04-16	1k	2k	1.59	119
2027-06-17	23k	24k	1.04	498
2027-09-17	2k	5k	2.27	128
2027-12-17	10k	12k	1.26	48
2028-01-21	28k	21k	0.76	347
2028-06-16	3k	5k	1.44	71
2028-12-15	12k	11k	0.91	360
2029-01-19	715	1k	1.50	42

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.