NOC Options Chain Analysis

As of previous close (2026-10-02) · OPRA historical data

Spot $478 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

1.11

15k P / 14k C

Put/Call (Volume)

0.80

634 P / 794 C that session

30d ATM IV

26%

annualized implied move

Call wall

$520

810 contracts

Put wall

$400

1k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.11 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $520 (810 contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $400 (1k contracts), 16% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.3× deep-OTM put OI — speculative upside positioning dominates the tails.

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 2026-10-16. 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 that session
2026-10-16	3k	2k	0.79	362
2026-11-20	2k	2k	1.08	392
2026-12-18	2k	2k	1.13	182
2027-01-15	3k	5k	1.44	89
2027-02-19	456	771	1.69	10
2027-03-19	1k	1k	1.05	87
2027-05-21	9	24	2.67	22
2027-06-17	284	679	2.39	87
2027-09-17	47	69	1.47	39
2028-01-21	2k	1k	0.73	142
2029-01-19	79	35	0.44	16

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.