MELI Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $1,786.51.

Put/Call (OI)

0.97

31k P / 32k C

Put/Call (Volume)

1.20

5k P / 4k C today

30d ATM IV

31%

annualized implied move

Call wall

$2,100

1k contracts

Put wall

$1,600

2k contracts

Tail hedging

0.9×

deep-OTM puts vs calls

What the positioning says

●Call wall at $2,100 (1k contracts), 18% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $1,600 (2k contracts), 10% 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	6k	6k	1.02	4k
2026-08-28	991	1k	1.37	531
2026-09-04	864	788	0.91	357
2026-09-11	493	1k	2.12	506
2026-09-18	5k	5k	1.07	649
2026-09-25	388	391	1.01	177
2026-10-02	49	3	0.06	1k
2026-10-16	3k	3k	1.17	350
2026-12-18	4k	4k	0.93	327
2027-01-15	4k	4k	0.86	231
2027-03-19	1k	1k	1.00	100
2027-06-17	2k	1k	0.75	74
2027-12-17	985	801	0.81	60
2028-01-21	2k	1k	0.62	73
2028-12-15	847	614	0.72	16

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