MFC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $44.23.

Put/Call (OI)

0.62

5k P / 7k C

Put/Call (Volume)

0.26

32 P / 125 C today

30d ATM IV

17%

annualized implied move

Call wall

$46

1k contracts

Put wall

$40

937 contracts

Tail hedging

6.7×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.62 puts per call outstanding.
●Call wall at $46 (1k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $40 (937 contracts), 10% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 6.7× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 17% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	3k	2k	0.57	57
2026-09-18	2k	2k	0.84	77
2026-10-16	39	31	0.79	11
2026-11-20	1k	927	0.79	4
2026-12-18	731	98	0.13	0
2027-03-19	413	33	0.08	8

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