JLL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $370.31.

Put/Call (OI)

1.33

3k P / 2k C

Put/Call (Volume)

0.02

6 P / 340 C today

30d ATM IV

27%

annualized implied move

Call wall

$380

360 contracts

Put wall

$300

2k contracts

Tail hedging

32.2×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.33 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $380 (360 contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $300 (2k contracts), 19% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 32.2× 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	754	256	0.34	8
2026-09-18	790	281	0.36	0
2026-11-20	501	483	0.96	338
2026-12-18	36	2k	49.69	0
2027-03-19	33	8	0.24	0

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