NOC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $592.

Put/Call (OI)

1.10

17k P / 15k C

Put/Call (Volume)

1.43

1k P / 821 C today

30d ATM IV

25%

annualized implied move

Call wall

$600

1k contracts

Put wall

$450

2k contracts

Tail hedging

2.9×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.10 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $600 (1k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $450 (2k contracts), 24% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.9× 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	4k	4k	0.98	371
2026-09-18	3k	4k	1.13	463
2026-11-20	1k	2k	1.23	117
2026-12-18	2k	2k	1.21	70
2027-01-15	3k	3k	1.16	776
2027-02-19	148	345	2.33	30
2027-03-19	718	788	1.10	8
2027-06-17	177	380	2.15	33
2028-01-21	1k	952	0.74	127

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