MAR Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $357.33.

Put/Call (OI)

0.77

24k P / 32k C

Put/Call (Volume)

1.10

965 P / 878 C today

30d ATM IV

25%

annualized implied move

Call wall

$400

3k contracts

Put wall

$330

2k contracts

Tail hedging

1.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $400 (3k contracts), 12% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $330 (2k contracts), 8% below spot — the hedge floor; often acts as support.

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	3k	3k	1.00	571
2026-08-28	311	377	1.21	59
2026-09-04	576	281	0.49	24
2026-09-11	182	87	0.48	2
2026-09-18	14k	9k	0.64	377
2026-09-25	180	20	0.11	10
2026-10-02	26	0	0.00	0
2026-10-16	3k	2k	0.62	106
2026-11-20	76	24	0.32	22
2026-12-18	3k	3k	1.05	13
2027-01-15	4k	5k	1.23	298
2027-03-19	2k	757	0.50	13
2027-06-17	576	399	0.69	136
2028-01-21	2k	1k	0.58	212

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