NOW Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $117.4.

Put/Call (OI)

0.86

620k P / 724k C

Put/Call (Volume)

0.50

37k P / 74k C today

30d ATM IV

52%

annualized implied move

Call wall

$150

60k contracts

Put wall

$85

56k contracts

Tail hedging

1.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $150 (60k contracts), 28% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $85 (56k contracts), 28% below spot — the hedge floor; often acts as support.

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	150k	135k	0.90	50k
2026-08-28	21k	13k	0.60	14k
2026-09-04	6k	6k	0.93	6k
2026-09-11	3k	3k	0.96	2k
2026-09-18	95k	78k	0.82	16k
2026-09-25	1k	2k	1.97	1k
2026-10-02	91	235	2.58	703
2026-10-16	34k	32k	0.94	5k
2026-11-20	29k	33k	1.11	2k
2026-12-18	70k	57k	0.81	2k
2027-01-15	130k	113k	0.87	6k
2027-02-19	5k	5k	0.99	301
2027-03-19	26k	29k	1.09	1k
2027-06-17	67k	57k	0.84	3k
2028-01-21	86k	57k	0.66	1k
2028-12-15	701	1k	1.90	391

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