MS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $217.32.

Put/Call (OI)

1.46

226k P / 155k C

Put/Call (Volume)

0.85

7k P / 8k C today

30d ATM IV

28%

annualized implied move

Call wall

$220

16k contracts

Put wall

$200

15k contracts

Tail hedging

4.3×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.46 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $220 (16k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $200 (15k contracts), 8% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.3× 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	21k	19k	0.87	3k
2026-08-28	3k	3k	0.96	2k
2026-09-04	3k	1k	0.52	1k
2026-09-11	1k	415	0.28	419
2026-09-18	25k	37k	1.50	2k
2026-09-25	75	58	0.77	29
2026-10-02	20	87	4.35	91
2026-10-16	13k	14k	1.08	1k
2026-11-20	7k	7k	1.11	486
2026-12-18	13k	27k	2.05	1k
2027-01-15	31k	48k	1.55	2k
2027-03-19	7k	10k	1.39	2k
2027-06-17	7k	12k	1.64	391
2027-12-17	8k	29k	3.78	78
2028-01-21	10k	12k	1.25	81
2028-12-15	5k	5k	0.83	16

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