ISRG Options Chain Analysis

As of previous close (2026-10-16) · OPRA historical data

Spot $426.7 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.80

58k P / 72k C

Put/Call (Volume)

0.38

2k P / 5k C that session

30d ATM IV

46%

annualized implied move

Call wall

$530

4k contracts

Put wall

$350

6k contracts

Tail hedging

1.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $530 (4k contracts), 24% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $350 (6k contracts), 18% 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 2026-11-13. 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
2026-10-23	3k	2k	0.75	831
2026-10-30	1k	726	0.57	343
2026-11-06	339	265	0.78	157
2026-11-13	172	448	2.60	162
2026-11-20	8k	8k	1.04	1k
2026-11-27	94	409	4.35	28
2026-12-18	10k	7k	0.71	295
2027-01-15	12k	10k	0.79	249
2027-02-19	1k	2k	1.37	49
2027-03-19	2k	3k	1.35	85
2027-04-16	856	861	1.01	59
2027-06-17	4k	4k	1.10	187
2027-09-17	563	761	1.35	147
2028-01-21	11k	5k	0.43	61
2028-12-15	5k	2k	0.47	49
2029-01-19	107	127	1.19	18

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.