IREN Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-17. Spot $45.14.

Put/Call (OI)

0.93

1.3M P / 1.4M C

Put/Call (Volume)

0.47

95k P / 203k C today

30d ATM IV

100%

annualized implied move

Call wall

$110

181k contracts

Put wall

$30

158k contracts

Tail hedging

1.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $110 (181k contracts), 144% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $30 (158k contracts), 34% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 100% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	218k	329k	1.51	144k
2026-08-28	49k	43k	0.87	38k
2026-09-04	17k	13k	0.77	5k
2026-09-11	6k	7k	1.10	3k
2026-09-18	167k	191k	1.15	29k
2026-09-25	5k	6k	1.25	2k
2026-10-02	503	397	0.79	3k
2026-10-16	72k	44k	0.62	7k
2026-11-20	70k	60k	0.85	12k
2026-12-18	116k	114k	0.99	8k
2027-01-15	317k	260k	0.82	32k
2027-02-19	8k	10k	1.19	626
2027-06-17	94k	10k	0.11	9k
2028-01-21	145k	62k	0.43	3k
2028-03-17	5k	953	0.19	18
2028-06-16	15k	5k	0.35	525
2028-09-15	60k	112k	1.86	1k

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