KKR Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $108.83.

Put/Call (OI)

1.85

191k P / 103k C

Put/Call (Volume)

1.18

6k P / 5k C today

30d ATM IV

38%

annualized implied move

Call wall

$120

14k contracts

Put wall

$90

34k contracts

Tail hedging

2.6×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.85 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $120 (14k contracts), 10% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $90 (34k contracts), 17% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.6× 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	20k	19k	0.95	1k
2026-08-28	928	2k	1.74	2k
2026-09-04	653	762	1.17	100
2026-09-11	108	77	0.71	119
2026-09-18	26k	30k	1.16	1k
2026-09-25	76	67	0.88	36
2026-10-02	14	3	0.21	82
2026-10-16	5k	5k	1.04	594
2026-11-20	389	137	0.35	345
2026-12-18	14k	82k	6.05	299
2027-01-15	19k	25k	1.29	933
2027-03-19	3k	3k	1.18	50
2027-05-21	372	851	2.29	59
2027-06-17	4k	8k	1.96	698
2027-12-17	2k	3k	1.76	16
2028-01-21	9k	13k	1.42	3k

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