ORCL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-17. Spot $146.71.

Put/Call (OI)

0.80

1.4M P / 1.7M C

Put/Call (Volume)

0.57

73k P / 126k C today

30d ATM IV

69%

annualized implied move

Call wall

$200

139k contracts

Put wall

$120

98k contracts

Tail hedging

0.6×

deep-OTM puts vs calls

What the positioning says

●Call wall at $200 (139k contracts), 36% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $120 (98k contracts), 18% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 69% — 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	362k	205k	0.57	79k
2026-08-28	44k	28k	0.63	16k
2026-09-04	27k	15k	0.54	5k
2026-09-11	11k	7k	0.60	7k
2026-09-18	316k	188k	0.60	14k
2026-09-25	7k	17k	2.59	1k
2026-10-02	235	463	1.97	858
2026-10-16	129k	88k	0.68	29k
2026-11-20	78k	71k	0.90	7k
2026-12-18	171k	134k	0.78	13k
2027-01-15	237k	220k	0.93	8k
2027-03-19	76k	101k	1.32	4k
2027-06-17	90k	105k	1.16	4k
2027-09-17	14k	14k	1.02	496
2027-10-15	6k	8k	1.41	346
2027-12-17	38k	51k	1.32	316
2028-01-21	112k	113k	1.01	2k
2028-09-15	21k	27k	1.26	5k
2028-12-15	7k	7k	1.02	2k

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