LYG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $6.15.

Put/Call (OI)

0.40

13k P / 32k C

Put/Call (Volume)

0.62

8k P / 13k C today

30d ATM IV

31%

annualized implied move

Call wall

1k contracts

Put wall

8k contracts

Tail hedging

2.7×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.40 puts per call outstanding.
●Call wall at $7 (1k contracts), 14% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $6 (8k contracts), 2% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.7× 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	1k	53	0.05	3
2026-09-18	7	22	3.14	2
2026-10-16	30k	9k	0.32	21k
2027-01-15	1k	3k	3.00	71

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