LHX Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $280.

Put/Call (OI)

0.53

7k P / 13k C

Put/Call (Volume)

0.76

1k P / 2k C today

30d ATM IV

23%

annualized implied move

Call wall

$300

2k contracts

Put wall

$280

1k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.53 puts per call outstanding.
●Call wall at $300 (2k contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $280 (1k contracts), 0% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.8× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 23% — 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	4k	1k	0.32	877
2026-08-28	319	125	0.39	159
2026-09-04	58	67	1.16	72
2026-09-11	190	43	0.23	51
2026-09-18	1k	949	0.70	183
2026-09-25	200	33	0.17	87
2026-10-02	0	0	—	12
2026-10-16	1k	623	0.58	154
2026-11-20	2k	1k	0.58	340
2027-01-15	3k	2k	0.60	513
2027-02-19	221	224	1.01	57
2028-01-21	1k	962	0.72	227

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