NVTS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $14.83.

Put/Call (OI)

0.43

163k P / 377k C

Put/Call (Volume)

0.33

11k P / 34k C today

30d ATM IV

93%

annualized implied move

Call wall

$15

32k contracts

Put wall

17k contracts

Tail hedging

0.5×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.43 puts per call outstanding.
●Call wall at $15 (32k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $7 (17k contracts), 53% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.1× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 93% — the market prices very large moves; option premium is expensive.

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	48k	22k	0.45	15k
2026-08-28	19k	5k	0.25	14k
2026-09-04	4k	3k	0.66	1k
2026-09-11	3k	1k	0.41	837
2026-09-18	98k	48k	0.49	4k
2026-09-25	2k	1k	0.71	633
2026-10-02	291	37	0.13	638
2026-12-18	30k	25k	0.85	1k
2027-01-15	113k	36k	0.32	4k
2027-03-19	5k	1k	0.23	2k
2028-01-21	56k	21k	0.38	1k

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