MSCI Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $552.43.

Put/Call (OI)

0.95

6k P / 6k C

Put/Call (Volume)

1.42

189 P / 133 C today

30d ATM IV

29%

annualized implied move

Call wall

$650

919 contracts

Put wall

$510

578 contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $650 (919 contracts), 18% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $510 (578 contracts), 8% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.9× deep-OTM put OI — speculative upside positioning dominates the tails.

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	2k	3k	1.31	52
2026-09-18	2k	1k	0.56	137
2026-10-16	338	310	0.92	35
2026-11-20	0	13	—	23
2026-12-18	437	896	2.05	20
2027-03-19	656	259	0.39	55

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