NUE Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $271.

Put/Call (OI)

0.77

29k P / 38k C

Put/Call (Volume)

0.56

363 P / 646 C today

30d ATM IV

34%

annualized implied move

Call wall

$280

3k contracts

Put wall

$240

2k contracts

Tail hedging

3.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $280 (3k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $240 (2k contracts), 11% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.7× 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	4k	2k	0.59	296
2026-09-18	8k	7k	0.88	357
2026-10-16	3k	2k	0.71	158
2026-12-18	3k	3k	0.80	32
2027-01-15	11k	9k	0.75	71
2027-03-19	2k	769	0.39	32
2027-06-17	3k	3k	1.15	39
2028-01-21	5k	3k	0.69	24

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