LII Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-17. Spot $416.13.

Put/Call (OI)

0.98

818 P / 835 C

Put/Call (Volume)

0.33

19 P / 58 C today

30d ATM IV

33%

annualized implied move

Call wall

$590

76 contracts

Put wall

$400

95 contracts

Tail hedging

0.2×

deep-OTM puts vs calls

What the positioning says

●Call wall at $590 (76 contracts), 42% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $400 (95 contracts), 4% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 4.9× 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	230	217	0.94	37
2026-09-18	242	214	0.88	19
2026-12-18	267	339	1.27	21
2027-03-19	96	48	0.50	0

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