KLAC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $205.99.

Put/Call (OI)

1.57

307k P / 195k C

Put/Call (Volume)

1.15

5k P / 4k C today

30d ATM IV

59%

annualized implied move

Call wall

$240

8k contracts

Put wall

$122

15k contracts

Tail hedging

2.5×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.57 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $240 (8k contracts), 17% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $122 (15k contracts), 41% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.5× 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	45k	70k	1.57	3k
2026-08-28	2k	1k	0.47	732
2026-09-04	803	2k	2.36	557
2026-09-11	128	459	3.59	75
2026-09-18	48k	102k	2.13	2k
2026-09-25	240	364	1.52	118
2026-10-02	186	47	0.25	112
2026-11-20	8k	16k	2.14	592
2026-12-18	12k	17k	1.37	419
2027-01-15	39k	54k	1.37	674
2027-03-19	10k	14k	1.48	570
2027-06-17	12k	16k	1.31	281
2028-01-21	18k	15k	0.80	578

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