PDD Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $86.8.

Put/Call (OI)

0.74

464k P / 629k C

Put/Call (Volume)

1.53

26k P / 17k C today

30d ATM IV

41%

annualized implied move

Call wall

$90

52k contracts

Put wall

$80

72k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $90 (52k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $80 (72k contracts), 8% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.9× deep-OTM put OI — speculative upside positioning dominates the tails.

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	75k	53k	0.71	16k
2026-08-28	9k	19k	2.00	7k
2026-09-04	6k	6k	0.91	1k
2026-09-11	858	6k	6.83	524
2026-09-18	125k	79k	0.64	6k
2026-09-25	893	2k	1.94	307
2026-10-02	35	32	0.91	62
2026-10-16	35k	37k	1.06	2k
2026-11-20	15k	16k	1.08	4k
2026-12-18	70k	60k	0.86	2k
2027-01-15	124k	81k	0.65	2k
2027-03-19	28k	38k	1.36	908
2027-06-17	82k	53k	0.65	1k
2027-09-17	315	50	0.16	105
2028-01-21	57k	14k	0.25	247

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