MPC Options Chain Analysis

As of previous close (2026-10-08) · OPRA historical data

Spot $463.39 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

1.22

62k P / 51k C

Put/Call (Volume)

1.36

6k P / 4k C that session

30d ATM IV

53%

annualized implied move

Call wall

$500

1k contracts

Put wall

$380

6k contracts

Tail hedging

11.2×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.22 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $500 (1k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $380 (6k contracts), 18% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 11.2× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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 2026-11-20. 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 that session
2026-10-16	13k	19k	1.52	4k
2026-11-20	3k	2k	0.74	2k
2026-12-18	7k	9k	1.22	727
2027-01-15	13k	18k	1.40	1k
2027-03-19	4k	3k	0.72	341
2027-04-16	1k	361	0.31	37
2027-06-17	3k	6k	1.98	194
2027-09-17	1k	1k	1.06	673
2028-01-21	3k	3k	0.82	1k
2028-06-16	3k	1k	0.39	153
2029-01-19	114	27	0.24	18

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.