IOT Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $38.9.

Put/Call (OI)

0.58

55k P / 95k C

Put/Call (Volume)

0.26

440 P / 2k C today

30d ATM IV

80%

annualized implied move

Call wall

$45

15k contracts

Put wall

$23

9k contracts

Tail hedging

0.9×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.58 puts per call outstanding.
●Call wall at $45 (15k contracts), 16% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $23 (9k contracts), 41% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 80% — the market prices very large moves; option premium is expensive.

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	23k	15k	0.69	451
2026-08-28	2k	431	0.20	658
2026-09-04	697	539	0.77	56
2026-09-11	146	96	0.66	50
2026-09-18	25k	15k	0.62	539
2026-09-25	65	62	0.95	17
2026-10-02	1	11	11.00	18
2026-10-16	19k	2k	0.12	148
2026-11-20	1k	286	0.19	99
2026-12-18	4k	3k	0.69	65
2027-01-15	15k	16k	1.04	45
2028-01-21	4k	2k	0.40	8

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