MSFT Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $481.21.

Put/Call (OI)

0.51

1.5M P / 2.9M C

Put/Call (Volume)

0.53

115k P / 215k C today

30d ATM IV

26%

annualized implied move

Call wall

$500

173k contracts

Put wall

$350

84k contracts

Tail hedging

0.8×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.51 puts per call outstanding.
●Call wall at $500 (173k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $350 (84k contracts), 27% below spot — the hedge floor; often acts as support.

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
2026-08-19	20k	16k	0.82	133k
2026-08-21	416k	266k	0.64	78k
2026-08-24	6k	7k	1.02	5k
2026-08-26	2k	1k	0.73	2k
2026-08-28	57k	32k	0.56	19k
2026-08-31	1k	554	0.38	2k
2026-09-02	0	0	—	346
2026-09-04	55k	18k	0.34	5k
2026-09-11	15k	8k	0.50	2k
2026-09-18	436k	198k	0.45	19k
2026-09-25	16k	6k	0.36	1k
2026-10-02	32k	1k	0.04	1k
2026-10-16	231k	115k	0.50	33k
2026-11-20	151k	80k	0.53	5k
2026-12-18	528k	157k	0.30	4k
2027-01-15	374k	187k	0.50	8k
2027-03-19	84k	87k	1.03	3k
2027-06-17	114k	78k	0.68	3k
2027-09-17	19k	16k	0.84	784
2027-12-17	104k	50k	0.48	4k
2028-01-21	87k	73k	0.84	1k
2028-06-16	34k	21k	0.64	314
2028-12-15	94k	59k	0.62	2k

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