IFF Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $81.83.

Put/Call (OI)

0.68

5k P / 8k C

Put/Call (Volume)

0.27

55 P / 201 C today

30d ATM IV

24%

annualized implied move

Call wall

$82.5

1k contracts

Put wall

$55

518 contracts

Tail hedging

1.9×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.68 puts per call outstanding.
●Call wall at $82.5 (1k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $55 (518 contracts), 33% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 24% — calm pricing; option premium is cheap.

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	3k	932	0.27	99
2026-09-18	2k	2k	0.91	108
2026-11-20	1k	730	0.53	38
2026-12-18	807	2k	2.12	1
2027-02-19	41	62	1.51	0
2027-03-19	219	177	0.81	9
2027-06-17	56	25	0.45	1
2027-12-17	6	7	1.17	0

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