IP Options Chain Analysis

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

Spot $31.97 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

1.26

33k P / 26k C

Put/Call (Volume)

0.39

520 P / 1k C that session

30d ATM IV

45%

annualized implied move

Call wall

$50

4k contracts

Put wall

$30

7k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.26 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $50 (4k contracts), 56% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $30 (7k contracts), 6% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.6× 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	456	444	0.97	55
2026-10-16	4k	4k	1.12	131
2026-10-23	512	201	0.39	6
2026-10-30	91	153	1.68	203
2026-11-06	14	40	2.86	9
2026-11-13	2	1	0.50	16
2026-11-20	3k	1k	0.44	94
2026-12-18	3k	3k	1.06	202
2027-01-15	8k	11k	1.46	688
2027-03-19	2k	2k	1.09	47
2027-04-16	194	600	3.09	42
2027-06-17	804	2k	3.10	27
2027-09-17	772	1k	1.80	0
2028-01-21	3k	5k	1.54	44
2029-01-19	112	682	6.09	5

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.