MO Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $64.1.

Put/Call (OI)

1.01

202k P / 201k C

Put/Call (Volume)

0.84

21k P / 25k C today

30d ATM IV

24%

annualized implied move

Call wall

$70

29k contracts

Put wall

$62.5

31k contracts

Tail hedging

0.5×

deep-OTM puts vs calls

What the positioning says

●Call wall at $70 (29k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $62.5 (31k contracts), 2% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.0× deep-OTM put OI — speculative upside positioning dominates the tails.
●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	33k	15k	0.46	10k
2026-08-28	6k	5k	0.76	2k
2026-09-04	3k	3k	0.93	749
2026-09-11	972	2k	1.92	358
2026-09-18	54k	95k	1.77	24k
2026-09-25	759	1k	1.87	953
2026-10-02	30	203	6.77	410
2026-12-18	28k	13k	0.48	4k
2027-01-15	50k	50k	1.00	2k
2027-03-19	6k	5k	0.84	365
2027-06-17	3k	2k	0.75	467
2028-01-21	16k	9k	0.57	1k

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