PBA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $48.66.

Put/Call (OI)

0.22

2k P / 10k C

Put/Call (Volume)

0.00

0 P / 294 C today

30d ATM IV

14%

annualized implied move

Call wall

$55

7k contracts

Put wall

$45

1k contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.22 puts per call outstanding.
●Call wall at $55 (7k contracts), 13% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $45 (1k contracts), 8% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 8.2× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 14% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	7k	643	0.09	40
2026-09-18	440	704	1.60	2
2026-10-16	49	569	11.61	250
2026-11-20	1k	110	0.10	1
2027-02-19	672	26	0.04	1

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