PH Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $1,055.85.

Put/Call (OI)

0.63

5k P / 8k C

Put/Call (Volume)

2.17

89 P / 41 C today

30d ATM IV

24%

annualized implied move

Call wall

$1,100

1k contracts

Put wall

$930

668 contracts

Tail hedging

6.6×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.63 puts per call outstanding.
●Call wall at $1,100 (1k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $930 (668 contracts), 12% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 6.6× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 24% — 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	4k	2k	0.55	21
2026-09-18	1k	1k	0.98	40
2026-11-20	2k	1k	0.64	56
2027-02-19	548	256	0.47	13

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