P Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $116.5.

Put/Call (OI)

0.67

52k P / 77k C

Put/Call (Volume)

0.62

2k P / 3k C today

30d ATM IV

84%

annualized implied move

Call wall

$130

5k contracts

Put wall

$45

12k contracts

Tail hedging

4.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.67 puts per call outstanding.
●Call wall at $130 (5k contracts), 12% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $45 (12k contracts), 61% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.1× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 84% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	27k	12k	0.46	2k
2026-09-18	6k	6k	1.01	2k
2026-11-20	7k	4k	0.51	755
2027-01-15	26k	11k	0.43	465
2027-02-19	409	3k	6.12	46
2027-06-17	418	551	1.32	410
2027-09-17	141	9k	62.10	89
2028-01-21	10k	7k	0.67	79

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