NWG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $19.1.

Put/Call (OI)

2.09

6k P / 3k C

Put/Call (Volume)

682.00

2k P / 3 C today

30d ATM IV

28%

annualized implied move

Call wall

$20

516 contracts

Put wall

$17.5

5k contracts

Tail hedging

8.8×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 2.09 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $20 (516 contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $17.5 (5k contracts), 8% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 8.8× 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	400	680	1.70	6
2026-09-18	102	5k	49.19	5
2026-11-20	2k	345	0.16	2k
2027-02-19	267	25	0.09	26

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