PFE Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $27.25.

Put/Call (OI)

0.81

1.1M P / 1.4M C

Put/Call (Volume)

0.58

38k P / 65k C today

30d ATM IV

20%

annualized implied move

Call wall

$30

192k contracts

Put wall

$25

242k contracts

Tail hedging

1.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $30 (192k contracts), 10% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $25 (242k contracts), 8% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 20% — 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	187k	214k	1.15	28k
2026-08-28	23k	8k	0.37	6k
2026-09-04	17k	7k	0.41	1k
2026-09-11	6k	4k	0.78	1k
2026-09-18	309k	190k	0.62	15k
2026-09-25	4k	5k	1.27	1k
2026-10-02	612	109	0.18	872
2026-10-16	47k	24k	0.51	6k
2026-11-20	37k	25k	0.68	4k
2026-12-18	170k	112k	0.66	11k
2027-01-15	278k	288k	1.03	10k
2027-03-19	37k	48k	1.30	3k
2027-06-17	89k	57k	0.64	8k
2027-12-17	62k	66k	1.06	859
2028-01-21	148k	90k	0.61	6k
2028-12-15	7k	8k	1.14	636

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