LEN Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $86.53.

Put/Call (OI)

1.23

66k P / 54k C

Put/Call (Volume)

0.14

1k P / 9k C today

30d ATM IV

41%

annualized implied move

Call wall

$100

7k contracts

Put wall

$80

21k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.23 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $100 (7k contracts), 16% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $80 (21k contracts), 8% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.4× deep-OTM put OI — speculative upside positioning dominates the tails.

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	21k	32k	1.51	8k
2026-08-28	762	863	1.13	506
2026-09-04	291	232	0.80	94
2026-09-11	174	242	1.39	121
2026-09-18	11k	11k	1.03	355
2026-09-25	140	86	0.61	25
2026-10-02	27	20	0.74	26
2026-11-20	2k	3k	2.03	152
2026-12-18	3k	4k	1.54	119
2027-01-15	10k	10k	1.01	103
2027-02-19	57	183	3.21	30
2027-03-19	1k	915	0.86	16
2027-06-17	580	447	0.77	32
2028-01-21	4k	2k	0.48	356

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