IP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $39.99.

Put/Call (OI)

1.31

32k P / 24k C

Put/Call (Volume)

0.63

315 P / 498 C today

30d ATM IV

37%

annualized implied move

Call wall

$40

3k contracts

Put wall

$30

6k contracts

Tail hedging

1.9×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.31 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $40 (3k contracts), 0% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $30 (6k contracts), 25% 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	4k	4k	1.18	170
2026-08-28	289	279	0.97	91
2026-09-04	452	23	0.05	51
2026-09-11	133	78	0.59	1
2026-09-18	4k	5k	1.28	87
2026-09-25	71	10	0.14	13
2026-10-02	25	0	0.00	0
2026-10-16	2k	3k	1.38	6
2026-11-20	9	0	0.00	60
2026-12-18	3k	2k	0.96	151
2027-01-15	7k	10k	1.53	107
2027-03-19	1k	2k	1.11	76
2027-06-17	406	1k	3.14	0
2028-01-21	3k	4k	1.46	0

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