JPM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $363.27.

Put/Call (OI)

1.14

368k P / 324k C

Put/Call (Volume)

0.82

12k P / 15k C today

30d ATM IV

19%

annualized implied move

Call wall

$370

20k contracts

Put wall

$270

34k contracts

Tail hedging

5.9×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.14 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $370 (20k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $270 (34k contracts), 26% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 5.9× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 19% — 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	56k	64k	1.14	13k
2026-08-28	8k	6k	0.70	2k
2026-09-04	3k	4k	1.13	474
2026-09-11	1k	925	0.65	760
2026-09-18	57k	82k	1.44	3k
2026-09-25	503	578	1.15	105
2026-10-02	191	111	0.58	326
2026-10-16	25k	20k	0.79	3k
2026-11-20	14k	14k	0.97	818
2026-12-18	31k	30k	0.96	498
2027-01-15	56k	70k	1.24	1k
2027-03-19	13k	14k	1.07	672
2027-06-17	25k	30k	1.19	464
2027-12-17	9k	10k	1.14	687
2028-01-21	15k	18k	1.16	279
2028-12-15	9k	7k	0.75	80

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