PAAS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $48.18.

Put/Call (OI)

0.36

72k P / 198k C

Put/Call (Volume)

0.44

3k P / 8k C today

30d ATM IV

50%

annualized implied move

Call wall

$60

40k contracts

Put wall

$42

8k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.36 puts per call outstanding.
●Call wall at $60 (40k contracts), 25% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $42 (8k contracts), 13% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.8× deep-OTM put OI — speculative upside positioning dominates the tails.

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	37k	21k	0.56	3k
2026-08-28	2k	2k	0.97	654
2026-09-04	1k	767	0.69	797
2026-09-11	926	621	0.67	337
2026-09-18	7k	8k	1.21	2k
2026-09-25	325	1k	3.36	411
2026-10-02	43	20	0.47	115
2026-10-16	17k	9k	0.51	1k
2026-11-20	9k	9k	0.97	482
2027-01-15	72k	12k	0.16	1k
2027-03-19	7k	2k	0.31	86
2027-06-17	1k	2k	1.55	898
2028-01-21	45k	6k	0.13	342

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