PGR Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $203.84.

Put/Call (OI)

1.09

33k P / 31k C

Put/Call (Volume)

0.96

1k P / 1k C today

30d ATM IV

27%

annualized implied move

Call wall

$230

5k contracts

Put wall

$190

6k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $230 (5k contracts), 13% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $190 (6k contracts), 7% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.3× 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.

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	8k	9k	1.24	1k
2026-08-28	631	1k	2.11	87
2026-09-04	47	596	12.68	200
2026-09-11	178	55	0.31	44
2026-09-18	4k	6k	1.61	399
2026-09-25	22	39	1.77	21
2026-10-02	2	1	0.50	33
2026-11-20	3k	928	0.30	169
2026-12-18	2k	1k	0.79	26
2027-01-15	6k	9k	1.42	107
2027-02-19	125	371	2.97	4
2027-03-19	1k	566	0.38	38
2027-06-17	4k	2k	0.63	88
2028-01-21	2k	1k	0.59	14

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