ONC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $362.51.

Put/Call (OI)

0.74

1k P / 2k C

Put/Call (Volume)

8.21

279 P / 34 C today

30d ATM IV

37%

annualized implied move

Call wall

$380

235 contracts

Put wall

$300

346 contracts

Tail hedging

3.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $380 (235 contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $300 (346 contracts), 17% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.0× 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.

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	1k	1k	0.75	128
2026-09-18	235	167	0.71	112
2026-11-20	213	129	0.61	60
2027-02-19	37	38	1.03	13

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