MET Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $96.68.

Put/Call (OI)

1.38

75k P / 55k C

Put/Call (Volume)

0.56

576 P / 1k C today

30d ATM IV

21%

annualized implied move

Call wall

$100

7k contracts

Put wall

$77.5

11k contracts

Tail hedging

10.8×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.38 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $100 (7k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $77.5 (11k contracts), 20% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 10.8× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 21% — calm pricing; option premium is cheap.

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	5k	4k	0.71	203
2026-09-18	12k	18k	1.41	528
2026-10-16	1k	2k	1.73	24
2026-11-20	2k	268	0.13	27
2026-12-18	8k	12k	1.46	30
2027-01-15	15k	26k	1.78	44
2027-03-19	3k	3k	1.07	5
2027-06-17	1k	6k	4.23	51
2027-12-17	2k	600	0.37	1
2028-01-21	5k	4k	0.78	690

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