MAA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $131.12.

Put/Call (OI)

1.19

4k P / 3k C

Put/Call (Volume)

3.67

33 P / 9 C today

30d ATM IV

24%

annualized implied move

Call wall

$140

1k contracts

Put wall

$115

638 contracts

Tail hedging

1.0×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.19 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $140 (1k contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $115 (638 contracts), 12% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 24% — 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	1k	280	0.23	7
2026-09-18	1k	2k	1.41	24
2026-12-18	831	2k	2.01	10
2027-03-19	33	231	7.00	1

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