PHG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $27.38.

Put/Call (OI)

0.59

4k P / 7k C

Put/Call (Volume)

21.18

826 P / 39 C today

30d ATM IV

25%

annualized implied move

Call wall

$32

942 contracts

Put wall

$27

2k contracts

Tail hedging

0.6×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.59 puts per call outstanding.
●Call wall at $32 (942 contracts), 17% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $27 (2k contracts), 1% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 25% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	299	1k	3.38	13
2026-09-18	590	722	1.22	2
2026-10-16	5k	1k	0.25	20
2027-01-15	1k	1k	1.04	830

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