IBM Options Chain Analysis

As of previous close (2026-10-02) · OPRA historical data

Spot $222.64 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.80

271k P / 340k C

Put/Call (Volume)

0.79

22k P / 28k C that session

30d ATM IV

43%

annualized implied move

Call wall

$300

31k contracts

Put wall

$220

25k contracts

Tail hedging

0.5×

deep-OTM puts vs calls

What the positioning says

●Call wall at $300 (31k contracts), 35% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $220 (25k contracts), 1% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.1× deep-OTM put OI — speculative upside positioning dominates the tails.

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 2026-10-30. 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
2026-10-09	8k	5k	0.67	13k
2026-10-16	59k	39k	0.66	7k
2026-10-23	6k	4k	0.70	2k
2026-10-30	4k	2k	0.61	1k
2026-11-06	491	458	0.93	279
2026-11-13	65	117	1.80	149
2026-11-20	34k	22k	0.65	3k
2026-12-18	37k	30k	0.80	1k
2027-01-15	68k	53k	0.78	2k
2027-02-19	3k	4k	1.33	178
2027-03-19	18k	19k	1.04	824
2027-04-16	1k	2k	1.52	132
2027-06-17	23k	23k	1.00	972
2027-09-17	2k	5k	2.90	36
2027-12-17	10k	12k	1.23	54
2028-01-21	28k	21k	0.76	377
2028-06-16	3k	5k	1.44	84
2028-12-15	12k	11k	0.90	277
2029-01-19	555	936	1.69	142

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.