MA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $562.26.

Put/Call (OI)

0.92

71k P / 77k C

Put/Call (Volume)

2.47

4k P / 1k C today

30d ATM IV

20%

annualized implied move

Call wall

$600

5k contracts

Put wall

$450

5k contracts

Tail hedging

2.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $600 (5k contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $450 (5k contracts), 20% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.0× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 20% — calm pricing; option premium is cheap.

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	11k	12k	1.06	2k
2026-08-28	2k	1k	0.82	198
2026-09-04	720	764	1.06	119
2026-09-11	961	318	0.33	109
2026-09-18	14k	12k	0.82	1k
2026-09-25	74	104	1.41	98
2026-10-02	2	3	1.50	12
2026-10-16	6k	5k	0.90	654
2026-11-20	5k	5k	0.98	109
2026-12-18	5k	7k	1.55	78
2027-01-15	13k	12k	0.95	157
2027-03-19	2k	3k	1.22	70
2027-06-17	7k	4k	0.63	143
2027-12-17	3k	3k	0.88	8
2028-01-21	5k	3k	0.64	32
2028-12-15	2k	2k	0.76	46

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