NBIS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-17. Spot $269.9.

Put/Call (OI)

0.95

694k P / 732k C

Put/Call (Volume)

1.23

136k P / 110k C today

30d ATM IV

98%

annualized implied move

Call wall

$300

40k contracts

Put wall

$120

39k contracts

Tail hedging

2.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $300 (40k contracts), 11% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $120 (39k contracts), 56% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.3× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 98% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	171k	176k	1.03	150k
2026-08-28	24k	21k	0.86	18k
2026-09-04	10k	10k	0.99	12k
2026-09-11	4k	7k	1.53	4k
2026-09-18	89k	135k	1.53	21k
2026-09-25	3k	5k	1.60	2k
2026-10-02	310	886	2.86	827
2026-10-16	16k	24k	1.50	5k
2026-11-20	22k	22k	1.01	4k
2026-12-18	43k	40k	0.92	3k
2027-01-15	161k	168k	1.04	14k
2027-02-19	6k	3k	0.51	2k
2027-03-19	22k	24k	1.08	979
2027-06-17	15k	14k	0.89	2k
2027-12-17	20k	19k	0.94	3k
2028-01-21	90k	14k	0.16	2k
2028-06-16	3k	3k	0.98	840
2028-12-15	32k	9k	0.29	3k

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