MMM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $180.75.

Put/Call (OI)

0.74

57k P / 77k C

Put/Call (Volume)

1.20

2k P / 2k C today

30d ATM IV

24%

annualized implied move

Call wall

$190

11k contracts

Put wall

$160

8k contracts

Tail hedging

2.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $190 (11k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $160 (8k contracts), 11% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.3× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 24% — 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	18k	13k	0.70	1k
2026-08-28	3k	1k	0.39	146
2026-09-04	3k	2k	0.47	881
2026-09-11	246	1k	4.30	246
2026-09-18	19k	11k	0.56	293
2026-09-25	85	23	0.27	37
2026-10-02	3	5	1.67	10
2026-10-16	5k	5k	1.03	726
2026-11-20	169	44	0.26	156
2026-12-18	5k	5k	0.98	34
2027-01-15	15k	13k	0.88	101
2027-03-19	2k	2k	1.08	2
2027-06-17	2k	2k	0.93	143
2028-01-21	3k	2k	0.62	264

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