MCHP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $81.02.

Put/Call (OI)

0.62

204k P / 328k C

Put/Call (Volume)

0.92

3k P / 3k C today

30d ATM IV

47%

annualized implied move

Call wall

$85

27k contracts

Put wall

$72.5

35k contracts

Tail hedging

2.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.62 puts per call outstanding.
●Call wall at $85 (27k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $72.5 (35k contracts), 11% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.1× 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.

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	29k	24k	0.84	2k
2026-08-28	3k	3k	1.01	570
2026-09-04	2k	638	0.37	50
2026-09-11	818	945	1.16	119
2026-09-18	119k	41k	0.34	1k
2026-09-25	38	42	1.11	26
2026-10-02	11	14	1.27	65
2026-10-16	10k	20k	2.01	331
2026-12-18	130k	12k	0.09	284
2027-01-15	20k	25k	1.28	227
2027-03-19	3k	6k	2.23	27
2027-06-17	2k	3k	1.91	133
2028-01-21	8k	67k	7.85	17
2028-12-15	1k	62	0.06	5

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