IRM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $129.

Put/Call (OI)

2.27

33k P / 14k C

Put/Call (Volume)

0.51

286 P / 566 C today

30d ATM IV

30%

annualized implied move

Call wall

$130

2k contracts

Put wall

$50

16k contracts

Tail hedging

7.5×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 2.27 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $130 (2k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $50 (16k contracts), 61% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 7.5× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	2k	3k	1.43	121
2026-08-28	325	86	0.26	7
2026-09-04	110	59	0.54	23
2026-09-11	1k	93	0.08	136
2026-09-18	3k	6k	2.08	70
2026-09-25	49	10	0.20	8
2026-10-02	0	0	—	4
2026-10-16	1k	387	0.31	41
2026-12-18	2k	2k	0.97	43
2027-01-15	3k	4k	1.15	193
2027-03-19	886	1k	1.66	35
2027-06-17	69	153	2.22	19
2028-01-21	1k	17k	14.77	152

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