NVS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $151.97.

Put/Call (OI)

2.12

70k P / 33k C

Put/Call (Volume)

0.80

540 P / 676 C today

30d ATM IV

27%

annualized implied move

Call wall

$155

5k contracts

Put wall

$150

11k contracts

Tail hedging

2.6×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 2.12 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $155 (5k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $150 (11k contracts), 1% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.6× 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	8k	5k	0.55	444
2026-09-18	3k	11k	3.24	288
2026-10-16	5k	9k	1.79	39
2026-11-20	3k	2k	0.86	50
2026-12-18	2k	6k	2.37	343
2027-01-15	6k	30k	4.59	24
2027-06-17	2k	4k	2.11	7
2027-12-17	974	2k	1.73	0
2028-01-21	2k	3k	1.32	21

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