PAA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $23.77.

Put/Call (OI)

0.16

30k P / 189k C

Put/Call (Volume)

0.05

81 P / 2k C today

30d ATM IV

19%

annualized implied move

Call wall

$25

52k contracts

Put wall

$23

7k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.16 puts per call outstanding.
●Call wall at $25 (52k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $23 (7k contracts), 3% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.2× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 19% — calm pricing; option premium is cheap.

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	3k	0.24	108
2026-08-28	444	181	0.41	41
2026-09-04	118	89	0.75	26
2026-09-11	871	98	0.11	5
2026-09-18	8k	7k	0.91	51
2026-09-25	94	66	0.70	138
2026-10-02	0	6	—	412
2026-11-20	51k	4k	0.07	408
2027-01-15	86k	14k	0.16	371
2027-02-19	10k	363	0.04	8
2027-05-21	9	0	0.00	0
2027-08-20	0	4	—	0
2027-11-19	408	6	0.01	0
2028-01-21	20k	2k	0.08	150

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