PBR Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $18.31.

Put/Call (OI)

1.00

1.0M P / 1.0M C

Put/Call (Volume)

0.17

8k P / 50k C today

30d ATM IV

29%

annualized implied move

Call wall

$20

260k contracts

Put wall

$10

186k contracts

Tail hedging

1.4×

deep-OTM puts vs calls

What the positioning says

●Call wall at $20 (260k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $10 (186k contracts), 45% below spot — the hedge floor; often acts as support.

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	148k	123k	0.83	6k
2026-08-28	6k	8k	1.27	16k
2026-09-04	3k	667	0.27	628
2026-09-11	1k	2k	2.07	1k
2026-09-18	241k	169k	0.70	22k
2026-09-25	3k	447	0.18	417
2026-10-02	3k	2k	0.84	0
2026-10-16	51k	44k	0.85	2k
2026-11-20	35k	44k	1.26	1k
2026-12-18	107k	197k	1.85	764
2027-01-15	221k	336k	1.52	6k
2027-02-19	4k	2k	0.49	53
2027-03-19	37k	39k	1.08	1k
2027-06-17	23k	15k	0.63	40
2027-12-17	80k	27k	0.34	48
2028-01-21	66k	22k	0.33	480
2028-02-18	6k	6k	0.87	171

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