NEM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $120.06.

Put/Call (OI)

0.65

227k P / 347k C

Put/Call (Volume)

1.22

16k P / 13k C today

30d ATM IV

41%

annualized implied move

Call wall

$140

39k contracts

Put wall

$100

21k contracts

Tail hedging

1.7×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.65 puts per call outstanding.
●Call wall at $140 (39k contracts), 17% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $100 (21k contracts), 17% 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	58k	34k	0.58	5k
2026-08-28	3k	3k	1.03	2k
2026-09-04	2k	1k	0.55	418
2026-09-11	2k	697	0.44	130
2026-09-18	79k	49k	0.62	3k
2026-09-25	906	163	0.18	120
2026-10-02	12	9	0.75	34
2026-10-16	35k	8k	0.24	867
2026-12-18	35k	45k	1.29	8k
2027-01-15	87k	53k	0.61	5k
2027-03-19	8k	7k	0.88	299
2027-06-17	9k	13k	1.45	4k
2028-01-21	25k	11k	0.46	167
2028-12-15	5k	1k	0.28	99

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