PG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $143.45.

Put/Call (OI)

0.67

159k P / 237k C

Put/Call (Volume)

0.65

5k P / 7k C today

30d ATM IV

18%

annualized implied move

Call wall

$160

55k contracts

Put wall

$140

27k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.67 puts per call outstanding.
●Call wall at $160 (55k contracts), 12% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $140 (27k contracts), 2% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.2× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 18% — 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	38k	25k	0.64	5k
2026-08-28	7k	3k	0.51	1k
2026-09-04	4k	2k	0.60	474
2026-09-11	2k	1k	0.62	287
2026-09-18	69k	30k	0.44	2k
2026-09-25	464	719	1.55	265
2026-10-02	56	73	1.30	66
2026-10-16	34k	23k	0.68	1k
2026-11-20	8k	10k	1.17	422
2026-12-18	15k	13k	0.84	523
2027-01-15	35k	26k	0.73	246
2027-03-19	7k	8k	1.10	119
2027-06-17	9k	8k	0.86	303
2028-01-21	8k	10k	1.22	181

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