MRNA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $64.66.

Put/Call (OI)

1.27

347k P / 273k C

Put/Call (Volume)

0.66

9k P / 14k C today

30d ATM IV

69%

annualized implied move

Call wall

$70

22k contracts

Put wall

$45

38k contracts

Tail hedging

2.7×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.27 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $70 (22k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $45 (38k contracts), 30% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.7× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 69% — the market prices very large moves; option premium is expensive.

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	75k	59k	0.79	9k
2026-08-28	3k	2k	0.70	2k
2026-09-04	2k	2k	0.85	2k
2026-09-11	2k	1k	0.75	717
2026-09-18	36k	43k	1.19	4k
2026-09-25	1k	1k	0.98	327
2026-10-02	214	13	0.06	134
2026-10-16	8k	18k	2.24	994
2026-11-20	4k	4k	1.17	401
2026-12-18	51k	55k	1.08	3k
2027-01-15	60k	118k	1.97	1k
2027-03-19	9k	10k	1.07	205
2027-06-17	7k	20k	2.71	439
2027-12-17	1k	3k	1.90	11
2028-01-21	9k	9k	0.95	5
2028-12-15	5k	3k	0.56	11

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