META Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-17. Spot $568.33.

Put/Call (OI)

0.43

997k P / 2.3M C

Put/Call (Volume)

0.80

430k P / 534k C today

30d ATM IV

34%

annualized implied move

Call wall

$750

308k contracts

Put wall

$500

56k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.43 puts per call outstanding.
●Call wall at $750 (308k contracts), 32% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $500 (56k contracts), 12% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.8× 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
2026-08-19	7k	4k	0.61	96k
2026-08-21	358k	125k	0.35	161k
2026-08-24	3k	2k	0.72	10k
2026-08-26	1k	1k	0.94	3k
2026-08-28	37k	24k	0.64	28k
2026-08-31	0	0	—	3k
2026-09-04	32k	11k	0.34	24k
2026-09-11	13k	8k	0.63	33k
2026-09-18	226k	229k	1.01	52k
2026-09-25	5k	7k	1.56	7k
2026-10-02	202	509	2.52	6k
2026-10-16	134k	56k	0.41	18k
2026-11-20	163k	58k	0.35	14k
2026-12-18	168k	86k	0.51	7k
2027-01-15	720k	124k	0.17	13k
2027-02-19	7k	10k	1.32	2k
2027-03-19	40k	39k	0.98	3k
2027-06-17	60k	46k	0.76	6k
2027-09-17	30k	15k	0.49	3k
2027-12-17	65k	37k	0.57	2k
2028-01-21	120k	56k	0.47	4k
2028-06-16	24k	22k	0.91	2k
2028-12-15	67k	27k	0.40	3k

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