OKTA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $143.42.

Put/Call (OI)

1.28

108k P / 85k C

Put/Call (Volume)

0.92

5k P / 5k C today

30d ATM IV

72%

annualized implied move

Call wall

$160

4k contracts

Put wall

$50

15k contracts

Tail hedging

4.2×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.28 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $160 (4k contracts), 12% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $50 (15k contracts), 65% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.2× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 72% — 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	16k	14k	0.93	3k
2026-08-28	2k	3k	1.57	3k
2026-09-04	223	1k	5.21	1k
2026-09-11	154	459	2.98	357
2026-09-18	19k	35k	1.81	2k
2026-09-25	103	136	1.32	64
2026-10-02	25	20	0.80	44
2026-11-20	4k	3k	0.78	159
2026-12-18	7k	15k	2.13	48
2027-01-15	20k	15k	0.76	170
2027-02-19	908	192	0.21	44
2027-03-19	2k	1k	0.49	169
2027-06-17	4k	1k	0.35	70
2027-12-17	3k	9k	2.50	3
2028-01-21	6k	10k	1.53	22

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