LMT Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $593.74.

Put/Call (OI)

0.88

49k P / 56k C

Put/Call (Volume)

1.02

5k P / 5k C today

30d ATM IV

24%

annualized implied move

Call wall

$600

5k contracts

Put wall

$400

3k contracts

Tail hedging

1.8×

deep-OTM puts vs calls

What the positioning says

●Call wall at $600 (5k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $400 (3k contracts), 33% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 24% — 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	9k	10k	1.12	4k
2026-08-28	2k	4k	2.32	649
2026-09-04	2k	1k	0.81	1k
2026-09-11	542	723	1.33	108
2026-09-18	14k	11k	0.80	793
2026-09-25	314	190	0.61	405
2026-10-02	39	6	0.15	613
2026-11-20	2k	2k	0.88	1k
2026-12-18	5k	6k	1.06	115
2027-01-15	12k	9k	0.77	259
2027-03-19	2k	1k	0.50	43
2027-05-21	2k	858	0.52	34
2027-06-17	649	592	0.91	56
2028-01-21	5k	2k	0.52	197

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