PNC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $256.66.

Put/Call (OI)

0.74

17k P / 23k C

Put/Call (Volume)

0.58

661 P / 1k C today

30d ATM IV

19%

annualized implied move

Call wall

$270

5k contracts

Put wall

$190

3k contracts

Tail hedging

7.4×

deep-OTM puts vs calls

What the positioning says

●Call wall at $270 (5k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $190 (3k contracts), 26% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 7.4× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 19% — 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	5k	3k	0.59	637
2026-08-28	342	122	0.36	53
2026-09-04	127	268	2.11	4
2026-09-11	7	26	3.71	0
2026-09-18	4k	4k	0.98	162
2026-09-25	18	58	3.22	0
2026-10-02	2	101	50.50	0
2026-10-16	586	554	0.95	0
2026-11-20	927	276	0.30	466
2026-12-18	2k	1k	0.91	5
2027-01-15	6k	5k	0.82	4
2027-02-19	285	142	0.50	30
2027-03-19	659	650	0.99	446
2027-06-17	1k	738	0.64	2
2028-01-21	2k	548	0.33	0
2028-12-15	504	275	0.55	0

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