NTRA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $316.

Put/Call (OI)

1.01

19k P / 19k C

Put/Call (Volume)

1.80

685 P / 380 C today

30d ATM IV

41%

annualized implied move

Call wall

$330

2k contracts

Put wall

$180

2k contracts

Tail hedging

12.4×

deep-OTM puts vs calls

What the positioning says

●Call wall at $330 (2k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $180 (2k contracts), 43% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 12.4× 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	10k	7k	0.71	352
2026-09-18	1k	2k	1.41	486
2026-10-16	733	367	0.50	21
2026-11-20	4k	8k	1.72	55
2026-12-18	209	584	2.79	66
2027-01-15	3k	2k	0.73	85

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