NTAP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $203.4.

Put/Call (OI)

0.56

20k P / 36k C

Put/Call (Volume)

1.76

2k P / 859 C today

30d ATM IV

63%

annualized implied move

Call wall

$220

7k contracts

Put wall

$95

3k contracts

Tail hedging

4.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.56 puts per call outstanding.
●Call wall at $220 (7k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $95 (3k contracts), 53% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.1× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 63% — 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.

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	8k	4k	0.50	1k
2026-09-18	18k	7k	0.42	680
2026-10-16	1k	1k	0.92	135
2026-11-20	80	32	0.40	102
2026-12-18	2k	2k	0.80	30
2027-01-15	4k	5k	1.26	17
2027-03-19	655	471	0.72	0
2027-06-17	209	21	0.10	12
2028-01-21	2k	304	0.19	23

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