PINS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $23.07.

Put/Call (OI)

0.91

160k P / 175k C

Put/Call (Volume)

0.64

5k P / 8k C today

30d ATM IV

41%

annualized implied move

Call wall

$25

21k contracts

Put wall

$18

23k contracts

Tail hedging

1.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $25 (21k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $18 (23k contracts), 22% below spot — the hedge floor; often acts as support.

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	36k	30k	0.85	4k
2026-08-28	3k	5k	1.83	2k
2026-09-04	1k	1k	0.86	203
2026-09-11	630	614	0.97	395
2026-09-18	33k	34k	1.02	2k
2026-09-25	527	190	0.36	284
2026-10-02	69	17	0.25	183
2026-11-20	11k	8k	0.73	172
2026-12-18	15k	18k	1.18	124
2027-01-15	40k	28k	0.69	2k
2027-02-19	755	589	0.78	81
2027-03-19	8k	13k	1.60	66
2027-06-17	659	2k	2.55	501
2027-12-17	4k	7k	1.60	453
2028-01-21	21k	12k	0.61	71

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