LULU Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-13. Spot $119.75.

Put/Call (OI)

0.76

165k P / 217k C

Put/Call (Volume)

1.41

19k P / 14k C today

30d ATM IV

58%

annualized implied move

Call wall

$130

12k contracts

Put wall

$100

15k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $130 (12k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $100 (15k contracts), 16% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.4× 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 2026-09-11. A steep left side = expensive downside protection.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	23k	21k	0.92	8k
2026-08-28	5k	4k	0.87	2k
2026-09-04	1k	2k	1.24	899
2026-09-11	589	948	1.61	1k
2026-09-18	39k	33k	0.85	3k
2026-09-25	248	448	1.81	249
2026-10-02	0	0	—	23
2026-11-20	7k	8k	1.19	322
2026-12-18	23k	21k	0.90	11k
2027-01-15	64k	30k	0.47	833
2027-03-19	6k	4k	0.66	334
2027-06-17	6k	7k	1.21	81
2027-09-17	2k	3k	1.43	34
2027-12-17	9k	8k	0.90	70
2028-01-21	21k	14k	0.69	587

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