JD Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $28.51.

Put/Call (OI)

0.68

409k P / 601k C

Put/Call (Volume)

0.47

12k P / 25k C today

30d ATM IV

31%

annualized implied move

Call wall

$40

59k contracts

Put wall

$25

99k contracts

Tail hedging

0.5×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.68 puts per call outstanding.
●Call wall at $40 (59k contracts), 40% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $25 (99k contracts), 12% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.2× 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 2026-09-18. A steep left side = expensive downside protection.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	66k	35k	0.53	9k
2026-08-28	5k	7k	1.42	2k
2026-09-04	2k	3k	1.96	575
2026-09-11	1k	1k	0.87	1k
2026-09-18	180k	114k	0.64	8k
2026-09-25	475	1k	2.79	115
2026-10-02	869	710	0.82	421
2026-10-16	16k	27k	1.75	4k
2026-12-18	77k	58k	0.75	2k
2027-01-15	168k	82k	0.49	2k
2027-03-19	11k	13k	1.23	332
2027-06-17	22k	24k	1.09	622
2027-12-17	12k	16k	1.32	633
2028-01-21	39k	26k	0.66	6k
2028-12-15	3k	1k	0.34	146

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