JNJ Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $262.37.

Put/Call (OI)

0.70

164k P / 233k C

Put/Call (Volume)

0.56

8k P / 14k C today

30d ATM IV

22%

annualized implied move

Call wall

$280

35k contracts

Put wall

$210

24k contracts

Tail hedging

3.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $280 (35k contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $210 (24k contracts), 20% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.0× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 22% — calm pricing; option premium is cheap.

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	41k	27k	0.65	11k
2026-08-28	3k	3k	1.11	2k
2026-09-04	2k	5k	2.28	1k
2026-09-11	784	629	0.80	776
2026-09-18	59k	35k	0.59	2k
2026-09-25	269	629	2.34	521
2026-10-02	88	47	0.53	146
2026-10-16	31k	18k	0.59	1k
2026-12-18	24k	21k	0.87	470
2027-01-15	41k	32k	0.77	1k
2027-03-19	6k	4k	0.62	599
2027-06-17	8k	7k	0.96	222
2027-12-17	4k	4k	0.80	74
2028-01-21	11k	5k	0.49	596
2028-12-15	2k	2k	1.07	25

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