MCK Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $869.42.

Put/Call (OI)

0.62

8k P / 14k C

Put/Call (Volume)

2.73

175 P / 64 C today

30d ATM IV

27%

annualized implied move

Call wall

$900

1k contracts

Put wall

$850

838 contracts

Tail hedging

1.0×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.62 puts per call outstanding.
●Call wall at $900 (1k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $850 (838 contracts), 2% 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	4k	3k	0.74	91
2026-09-18	3k	2k	0.59	133
2026-11-20	692	368	0.53	5
2026-12-18	2k	847	0.54	4
2027-01-15	3k	2k	0.63	4
2027-02-19	50	35	0.70	0
2027-03-19	454	183	0.40	2
2027-06-17	107	52	0.49	0
2028-01-21	1k	585	0.47	0

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