LPLA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $368.2.

Put/Call (OI)

0.54

3k P / 5k C

Put/Call (Volume)

2.89

179 P / 62 C today

30d ATM IV

32%

annualized implied move

Call wall

$400

2k contracts

Put wall

$290

785 contracts

Tail hedging

4.8×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.54 puts per call outstanding.
●Call wall at $400 (2k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $290 (785 contracts), 21% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.8× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	3k	990	0.37	61
2026-09-18	314	74	0.24	166
2026-10-16	887	247	0.28	4
2026-11-20	0	0	—	4
2026-12-18	842	820	0.97	6
2027-01-15	704	819	1.16	0

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