NOK Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $10.85.

Put/Call (OI)

0.35

1.0M P / 3.0M C

Put/Call (Volume)

0.20

29k P / 149k C today

30d ATM IV

61%

annualized implied move

Call wall

$15

326k contracts

Put wall

$10

146k contracts

Tail hedging

0.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.35 puts per call outstanding.
●Call wall at $15 (326k contracts), 38% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $10 (146k contracts), 8% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 4.9× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 61% — the market prices very large moves; option premium is expensive.

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	383k	180k	0.47	35k
2026-08-28	47k	14k	0.31	14k
2026-09-04	16k	9k	0.55	7k
2026-09-11	11k	3k	0.24	2k
2026-09-18	690k	211k	0.31	57k
2026-09-25	8k	2k	0.24	2k
2026-10-02	342	61	0.18	560
2026-10-16	164k	97k	0.59	8k
2026-11-20	109k	51k	0.47	11k
2026-12-18	345k	86k	0.25	9k
2027-01-15	689k	195k	0.28	15k
2027-03-19	44k	28k	0.65	8k
2027-06-17	156k	81k	0.52	6k
2027-12-17	42k	6k	0.15	924
2028-01-21	234k	69k	0.30	2k
2028-06-16	8k	2k	0.27	311
2028-12-15	20k	6k	0.27	705

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