PAYX Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $118.76.

Put/Call (OI)

0.78

21k P / 28k C

Put/Call (Volume)

0.38

231 P / 613 C today

30d ATM IV

30%

annualized implied move

Call wall

$125

4k contracts

Put wall

$95

3k contracts

Tail hedging

2.2×

deep-OTM puts vs calls

What the positioning says

●Call wall at $125 (4k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $95 (3k contracts), 20% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.2× 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	5k	4k	0.65	359
2026-09-18	12k	9k	0.80	312
2026-12-18	2k	1k	0.79	33
2027-01-15	5k	4k	0.77	49
2027-03-19	2k	869	0.36	27
2027-06-17	363	1k	2.98	2
2028-01-21	1k	1k	1.37	62

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