PEP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $140.6.

Put/Call (OI)

0.47

127k P / 273k C

Put/Call (Volume)

0.94

8k P / 8k C today

30d ATM IV

21%

annualized implied move

Call wall

$155

67k contracts

Put wall

$130

22k contracts

Tail hedging

0.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.47 puts per call outstanding.
●Call wall at $155 (67k contracts), 10% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $130 (22k contracts), 8% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 4.6× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 21% — 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.

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	34k	22k	0.66	4k
2026-08-28	4k	3k	0.74	3k
2026-09-04	3k	2k	0.74	439
2026-09-11	2k	1k	0.49	653
2026-09-18	93k	34k	0.36	3k
2026-09-25	629	411	0.65	622
2026-10-02	89	190	2.13	420
2026-10-16	55k	8k	0.15	875
2026-11-20	7k	5k	0.80	1k
2026-12-18	13k	9k	0.75	343
2027-01-15	37k	22k	0.60	496
2027-03-19	6k	6k	0.97	118
2027-06-17	6k	6k	1.01	178
2028-01-21	14k	7k	0.52	298

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