NVO Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $44.87.

Put/Call (OI)

0.69

588k P / 851k C

Put/Call (Volume)

0.78

20k P / 26k C today

30d ATM IV

31%

annualized implied move

Call wall

$50

114k contracts

Put wall

$40

102k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.69 puts per call outstanding.
●Call wall at $50 (114k contracts), 11% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $40 (102k contracts), 11% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.2× deep-OTM put OI — speculative upside positioning dominates the tails.

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	100k	84k	0.84	14k
2026-08-28	10k	5k	0.49	4k
2026-09-04	5k	2k	0.38	1k
2026-09-11	3k	2k	0.52	944
2026-09-18	115k	123k	1.06	5k
2026-09-25	2k	517	0.28	297
2026-10-02	2k	398	0.26	112
2026-10-16	49k	59k	1.22	4k
2026-11-20	20k	27k	1.31	4k
2026-12-18	64k	56k	0.88	2k
2027-01-15	250k	103k	0.41	4k
2027-03-19	17k	16k	0.92	1k
2027-06-17	44k	37k	0.84	3k
2027-12-17	52k	34k	0.65	115
2028-01-21	108k	37k	0.34	1k
2028-06-16	3k	355	0.11	34
2028-12-15	8k	3k	0.40	2k

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