NET Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $307.01.

Put/Call (OI)

0.81

102k P / 125k C

Put/Call (Volume)

1.40

7k P / 5k C today

30d ATM IV

52%

annualized implied move

Call wall

$400

8k contracts

Put wall

$160

7k contracts

Tail hedging

2.4×

deep-OTM puts vs calls

What the positioning says

●Call wall at $400 (8k contracts), 30% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $160 (7k contracts), 48% 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.

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	28k	29k	1.02	4k
2026-08-28	2k	3k	1.44	857
2026-09-04	2k	606	0.39	409
2026-09-11	561	621	1.11	90
2026-09-18	31k	23k	0.75	5k
2026-09-25	708	1k	1.85	670
2026-10-02	82	76	0.93	156
2026-11-20	7k	7k	1.10	448
2026-12-18	5k	4k	0.67	95
2027-01-15	20k	14k	0.69	247
2027-02-19	1k	1k	0.72	67
2027-03-19	2k	2k	0.95	48
2027-06-17	7k	10k	1.49	169
2027-09-17	2k	1k	0.64	8
2028-01-21	16k	4k	0.25	102
2028-06-16	22	3	0.14	7
2028-12-15	123	230	1.87	19

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