INSM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $126.

Put/Call (OI)

0.76

55k P / 72k C

Put/Call (Volume)

0.46

549 P / 1k C today

30d ATM IV

38%

annualized implied move

Call wall

$130

13k contracts

Put wall

$80

18k contracts

Tail hedging

1.5×

deep-OTM puts vs calls

What the positioning says

●Call wall at $130 (13k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $80 (18k contracts), 37% 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	22k	19k	0.86	486
2026-09-18	4k	3k	0.80	1k
2026-11-20	12k	15k	1.33	65
2027-01-15	26k	14k	0.57	37
2027-02-19	88	51	0.58	1
2027-03-19	3k	74	0.03	9
2027-05-21	30	39	1.30	0
2027-08-20	4	4	1.00	0
2027-11-19	50	0	0.00	10
2028-01-21	5k	2k	0.34	14

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