LITE Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-17. Spot $970.01.

Put/Call (OI)

1.36

145k P / 106k C

Put/Call (Volume)

1.30

26k P / 20k C today

30d ATM IV

83%

annualized implied move

Call wall

$1,000

6k contracts

Put wall

$600

9k contracts

Tail hedging

3.5×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.36 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $1,000 (6k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $600 (9k contracts), 38% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.5× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 83% — the market prices very large moves; option premium is expensive.

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	27k	30k	1.12	30k
2026-08-28	5k	5k	0.97	3k
2026-09-04	2k	5k	2.34	1k
2026-09-11	1k	4k	3.01	634
2026-09-18	15k	26k	1.74	4k
2026-09-25	558	991	1.78	723
2026-10-02	65	87	1.34	336
2026-10-16	5k	10k	1.96	864
2026-11-20	3k	5k	1.97	646
2026-12-18	7k	10k	1.33	1k
2027-01-15	17k	24k	1.43	1k
2027-02-19	1k	1k	1.00	100
2027-03-19	8k	5k	0.60	1k
2027-06-17	842	2k	2.57	382
2027-07-16	3k	2k	0.57	132
2028-01-21	6k	10k	1.60	425
2028-06-16	2k	648	0.43	310
2028-09-15	696	392	0.56	274
2028-12-15	2k	3k	1.84	135

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