IBM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $229.14.

Put/Call (OI)

0.75

311k P / 412k C

Put/Call (Volume)

0.63

18k P / 28k C today

30d ATM IV

33%

annualized implied move

Call wall

$300

36k contracts

Put wall

$200

30k contracts

Tail hedging

0.5×

deep-OTM puts vs calls

What the positioning says

●Call wall at $300 (36k contracts), 31% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $200 (30k contracts), 13% 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 2026-09-18. 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	103k	56k	0.54	22k
2026-08-28	13k	8k	0.65	3k
2026-09-04	3k	2k	0.91	838
2026-09-11	1k	909	0.64	1k
2026-09-18	73k	49k	0.67	8k
2026-09-25	798	394	0.49	1k
2026-10-02	48	133	2.77	207
2026-10-16	38k	31k	0.81	2k
2026-11-20	14k	11k	0.81	1k
2026-12-18	28k	25k	0.91	823
2027-01-15	58k	51k	0.88	4k
2027-02-19	1k	2k	1.23	70
2027-03-19	17k	16k	0.97	218
2027-06-17	19k	20k	1.06	429
2027-12-17	8k	10k	1.33	167
2028-01-21	23k	16k	0.68	372
2028-06-16	3k	3k	1.02	211
2028-12-15	10k	9k	0.86	177

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