NTES Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $124.49.

Put/Call (OI)

0.84

9k P / 11k C

Put/Call (Volume)

1.29

80 P / 62 C today

30d ATM IV

42%

annualized implied move

Call wall

$145

2k contracts

Put wall

$105

3k contracts

Tail hedging

0.9×

deep-OTM puts vs calls

What the positioning says

●Call wall at $145 (2k contracts), 16% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $105 (3k contracts), 16% 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	3k	843	0.33	99
2026-09-18	6k	6k	1.04	21
2026-12-18	796	517	0.65	10
2027-01-15	1k	1k	1.00	3
2027-03-19	138	124	0.90	0
2027-06-17	81	9	0.11	1
2028-01-21	374	426	1.14	8

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