NGG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $80.66.

Put/Call (OI)

0.67

5k P / 8k C

Put/Call (Volume)

0.03

13 P / 450 C today

30d ATM IV

20%

annualized implied move

Call wall

$85

3k contracts

Put wall

$80

2k contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.67 puts per call outstanding.
●Call wall at $85 (3k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $80 (2k contracts), 1% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 10.9× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 20% — calm pricing; option premium is cheap.

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	505	1k	2.56	4
2026-09-18	4k	2k	0.59	10
2026-11-20	2k	1k	0.57	430
2026-12-18	1k	793	0.56	17
2027-03-19	503	57	0.11	2

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