NTRS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $191.47.

Put/Call (OI)

0.47

3k P / 6k C

Put/Call (Volume)

0.87

117 P / 134 C today

30d ATM IV

24%

annualized implied move

Call wall

$200

558 contracts

Put wall

$170

512 contracts

Tail hedging

23.5×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.47 puts per call outstanding.
●Call wall at $200 (558 contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $170 (512 contracts), 11% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 23.5× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 24% — calm pricing; option premium is cheap.

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	1k	796	0.65	55
2026-09-18	323	53	0.16	75
2026-10-16	485	238	0.49	10
2026-12-18	3k	1k	0.33	65
2027-01-15	428	263	0.61	2
2028-01-21	273	403	1.48	44

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