LRCX Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $326.1.

Put/Call (OI)

1.12

335k P / 299k C

Put/Call (Volume)

1.06

19k P / 18k C today

30d ATM IV

61%

annualized implied move

Call wall

$400

18k contracts

Put wall

$230

23k contracts

Tail hedging

2.1×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.12 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $400 (18k contracts), 23% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $230 (23k contracts), 29% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.1× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 61% — 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	68k	71k	1.05	16k
2026-08-28	11k	7k	0.68	5k
2026-09-04	4k	4k	1.05	1k
2026-09-11	2k	2k	0.94	430
2026-09-18	49k	60k	1.22	5k
2026-09-25	644	845	1.31	363
2026-10-02	88	127	1.44	168
2026-10-16	12k	29k	2.49	2k
2026-11-20	10k	13k	1.28	1k
2026-12-18	38k	43k	1.15	1k
2027-01-15	69k	59k	0.85	1k
2027-03-19	8k	14k	1.65	697
2027-06-17	12k	20k	1.69	382
2028-01-21	16k	12k	0.77	1k

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