MPC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $360.55.

Put/Call (OI)

0.68

34k P / 49k C

Put/Call (Volume)

0.24

1k P / 5k C today

30d ATM IV

42%

annualized implied move

Call wall

$380

4k contracts

Put wall

$260

2k contracts

Tail hedging

14.6×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.68 puts per call outstanding.
●Call wall at $380 (4k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $260 (2k contracts), 28% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 14.6× 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 2026-09-18. 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	13k	6k	0.41	2k
2026-09-18	9k	7k	0.86	1k
2026-10-16	5k	4k	0.76	884
2026-12-18	4k	5k	1.06	398
2027-01-15	10k	8k	0.82	273
2027-03-19	1k	925	0.68	322
2027-06-17	2k	1k	0.54	212
2028-01-21	2k	2k	0.67	131
2028-06-16	2k	488	0.23	82

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