MDB Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $444.19.

Put/Call (OI)

0.56

74k P / 133k C

Put/Call (Volume)

2.69

5k P / 2k C today

30d ATM IV

78%

annualized implied move

Call wall

$610

6k contracts

Put wall

$200

4k contracts

Tail hedging

1.5×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.56 puts per call outstanding.
●Call wall at $610 (6k contracts), 37% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $200 (4k contracts), 55% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 78% — the market prices very large moves; option premium is expensive.

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	22k	16k	0.73	2k
2026-08-28	3k	3k	1.30	1k
2026-09-04	4k	3k	0.75	972
2026-09-11	907	2k	1.96	899
2026-09-18	17k	12k	0.73	904
2026-09-25	571	1k	1.96	364
2026-10-02	67	271	4.04	325
2026-11-20	6k	3k	0.49	217
2026-12-18	10k	9k	0.88	412
2027-01-15	14k	11k	0.80	84
2027-02-19	450	436	0.97	29
2027-03-19	5k	2k	0.46	17
2027-04-16	570	117	0.21	7
2027-05-21	387	79	0.20	2
2027-06-17	6k	2k	0.26	23
2027-12-17	4k	2k	0.51	11
2028-01-21	9k	3k	0.31	54
2028-03-17	12k	382	0.03	21
2028-06-16	11k	2k	0.14	3
2028-12-15	8k	2k	0.31	1

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