NXT Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $99.69.

Put/Call (OI)

1.12

32k P / 29k C

Put/Call (Volume)

0.59

279 P / 472 C today

30d ATM IV

62%

annualized implied move

Call wall

$130

3k contracts

Put wall

$40

5k contracts

Tail hedging

0.7×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.12 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $130 (3k contracts), 30% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $40 (5k contracts), 60% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 62% — 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.

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	13k	13k	1.01	237
2026-09-18	5k	4k	0.80	304
2026-11-20	4k	2k	0.42	56
2027-01-15	6k	11k	1.98	104
2027-02-19	271	1k	3.74	12
2028-01-21	2k	2k	1.10	38

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