PM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $185.55.

Put/Call (OI)

1.11

77k P / 70k C

Put/Call (Volume)

1.03

2k P / 2k C today

30d ATM IV

28%

annualized implied move

Call wall

$200

10k contracts

Put wall

$160

8k contracts

Tail hedging

2.3×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.11 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $200 (10k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $160 (8k contracts), 14% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.3× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	13k	13k	1.01	993
2026-08-28	844	404	0.48	318
2026-09-04	489	183	0.37	35
2026-09-11	695	146	0.21	32
2026-09-18	15k	23k	1.51	1k
2026-09-25	46	197	4.28	449
2026-10-02	0	51	—	40
2026-10-16	2k	2k	0.99	337
2026-11-20	6k	10k	1.58	243
2026-12-18	5k	6k	1.30	177
2027-01-15	17k	14k	0.83	180
2027-03-19	2k	2k	1.15	54
2027-06-17	2k	3k	1.18	133
2028-01-21	5k	3k	0.55	80

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