LVS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $45.33.

Put/Call (OI)

0.69

58k P / 83k C

Put/Call (Volume)

0.72

978 P / 1k C today

30d ATM IV

29%

annualized implied move

Call wall

$50

7k contracts

Put wall

$45

8k contracts

Tail hedging

0.5×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.69 puts per call outstanding.
●Call wall at $50 (7k contracts), 10% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $45 (8k contracts), 1% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.2× 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 2026-09-18. 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	7k	9k	1.20	2k
2026-08-28	1k	2k	1.69	181
2026-09-04	999	706	0.71	47
2026-09-11	499	106	0.21	27
2026-09-18	19k	20k	1.03	182
2026-09-25	79	84	1.06	56
2026-10-02	50	0	0.00	53
2026-10-16	2k	2k	1.07	74
2026-12-18	24k	8k	0.32	46
2027-01-15	12k	11k	0.88	9
2027-03-19	3k	1k	0.32	28
2027-06-17	3k	2k	0.60	7
2028-01-21	8k	2k	0.25	9

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