PANW Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $375.22.

Put/Call (OI)

0.98

291k P / 296k C

Put/Call (Volume)

1.11

17k P / 16k C today

30d ATM IV

59%

annualized implied move

Call wall

$400

9k contracts

Put wall

$150

13k contracts

Tail hedging

4.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $400 (9k contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $150 (13k contracts), 60% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.3× 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 2026-09-18. 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	40k	43k	1.08	11k
2026-08-28	4k	12k	2.95	3k
2026-09-04	3k	6k	1.75	3k
2026-09-11	669	3k	4.12	628
2026-09-18	47k	51k	1.09	3k
2026-09-25	551	1k	1.82	281
2026-10-02	45	69	1.53	655
2026-10-16	15k	12k	0.78	940
2026-11-20	12k	6k	0.47	3k
2026-12-18	35k	29k	0.82	729
2027-01-15	54k	62k	1.15	1k
2027-03-19	11k	10k	0.90	391
2027-06-17	15k	16k	1.04	410
2027-12-17	18k	13k	0.73	902
2028-01-21	22k	16k	0.73	212
2028-06-16	5k	5k	0.91	452
2028-12-15	12k	6k	0.52	3k

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