MTB Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $254.61.

Put/Call (OI)

0.40

2k P / 6k C

Put/Call (Volume)

1.05

20 P / 19 C today

30d ATM IV

20%

annualized implied move

Call wall

$270

2k contracts

Put wall

$190

373 contracts

Tail hedging

4.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.40 puts per call outstanding.
●Call wall at $270 (2k contracts), 6% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $190 (373 contracts), 25% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.1× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 20% — calm pricing; option premium is cheap.

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	1k	281	0.24	5
2026-09-18	2k	796	0.36	15
2026-10-16	627	72	0.11	1
2026-12-18	685	557	0.81	6
2027-01-15	448	181	0.40	0
2027-02-19	133	69	0.52	0
2027-03-19	202	40	0.20	0
2027-06-17	296	207	0.70	0
2027-12-17	390	251	0.64	12

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