PANW Options Chain Analysis

As of previous close (2026-10-01) · OPRA historical data

Spot $395.5 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.92

288k P / 315k C

Put/Call (Volume)

0.66

10k P / 15k C that session

30d ATM IV

54%

annualized implied move

Call wall

$400

15k contracts

Put wall

$300

17k contracts

Tail hedging

2.8×

deep-OTM puts vs calls

What the positioning says

●Call wall at $400 (15k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $300 (17k contracts), 24% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.8× 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 2026-10-30. 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 that session
2026-10-02	17k	18k	1.03	8k
2026-10-09	9k	7k	0.82	3k
2026-10-16	40k	34k	0.85	4k
2026-10-23	4k	4k	1.01	575
2026-10-30	4k	3k	0.75	628
2026-11-06	768	637	0.83	322
2026-11-13	0	0	—	75
2026-11-20	25k	17k	0.68	3k
2026-12-18	45k	41k	0.91	754
2027-01-15	57k	71k	1.24	2k
2027-03-19	19k	18k	0.95	631
2027-06-17	20k	20k	1.01	333
2027-09-17	5k	3k	0.74	30
2027-12-17	22k	15k	0.69	369
2028-01-21	24k	20k	0.80	242
2028-06-16	7k	6k	0.84	857
2028-12-15	16k	10k	0.61	79
2029-01-19	1k	2k	1.51	98

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.