MU Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $1,017.19.

Put/Call (OI)

1.11

1.8M P / 1.6M C

Put/Call (Volume)

0.74

584k P / 792k C today

30d ATM IV

65%

annualized implied move

Call wall

$1,100

42k contracts

Put wall

$600

44k contracts

Tail hedging

2.4×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.11 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $1,100 (42k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $600 (44k contracts), 41% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.4× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 65% — 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
2026-08-19	14k	10k	0.68	132k
2026-08-21	245k	346k	1.41	223k
2026-08-24	5k	3k	0.67	15k
2026-08-26	2k	1k	0.61	5k
2026-08-28	33k	40k	1.23	41k
2026-08-31	0	0	—	2k
2026-09-04	17k	20k	1.17	15k
2026-09-11	12k	14k	1.14	8k
2026-09-18	173k	248k	1.44	50k
2026-09-25	7k	12k	1.58	10k
2026-10-02	611	1k	2.37	7k
2026-10-16	102k	136k	1.33	20k
2026-11-20	80k	101k	1.27	10k
2026-12-18	136k	185k	1.36	23k
2027-01-15	234k	223k	0.95	20k
2027-02-19	19k	29k	1.52	4k
2027-03-19	69k	68k	1.00	5k
2027-06-17	101k	87k	0.87	7k
2027-09-17	41k	21k	0.50	5k
2027-12-17	73k	44k	0.61	7k
2028-01-21	84k	62k	0.73	4k
2028-06-16	24k	27k	1.13	1k
2028-12-15	77k	66k	0.85	10k

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