MDLN Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $34.93.

Put/Call (OI)

0.74

18k P / 24k C

Put/Call (Volume)

1.81

491 P / 271 C today

30d ATM IV

42%

annualized implied move

Call wall

$45

7k contracts

Put wall

$30

5k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $45 (7k contracts), 29% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $30 (5k contracts), 14% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.3× deep-OTM put OI — speculative upside positioning dominates the tails.

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	16k	10k	0.63	150
2026-09-18	2k	3k	1.13	360
2026-11-20	3k	3k	1.19	92
2027-01-15	2k	926	0.56	95
2027-02-19	263	143	0.54	3
2028-01-21	1k	703	0.67	62

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