NBIX Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $153.7.

Put/Call (OI)

1.06

8k P / 8k C

Put/Call (Volume)

0.42

32 P / 77 C today

30d ATM IV

27%

annualized implied move

Call wall

$170

3k contracts

Put wall

$145

1k contracts

Tail hedging

0.6×

deep-OTM puts vs calls

What the positioning says

●Call wall at $170 (3k contracts), 11% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $145 (1k contracts), 6% 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
2026-08-21	2k	738	0.47	67
2026-09-18	226	1k	5.70	12
2026-11-20	1k	653	0.61	9
2026-12-18	1k	4k	2.69	8
2027-01-15	842	1k	1.60	1
2027-02-19	5	28	5.60	2
2027-03-19	49	355	7.24	4
2027-06-17	0	0	—	4
2027-07-16	0	0	—	0
2027-12-17	3k	148	0.06	2

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