INCY Options Chain Analysis

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

Spot $115.3 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

1.81

16k P / 9k C

Put/Call (Volume)

0.22

160 P / 744 C that session

30d ATM IV

43%

annualized implied move

Call wall

$130

1k contracts

Put wall

$95

5k contracts

Tail hedging

1.4×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.81 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $130 (1k contracts), 13% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $95 (5k contracts), 18% 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 2026-10-16. 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	2k	1k	0.51	152
2026-11-20	554	449	0.81	366
2026-12-18	2k	12k	5.23	288
2027-01-15	2k	2k	0.79	70
2027-03-19	829	141	0.17	0
2027-12-17	568	116	0.20	28

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.