PPG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $112.69.

Put/Call (OI)

0.29

4k P / 15k C

Put/Call (Volume)

0.63

52 P / 83 C today

30d ATM IV

27%

annualized implied move

Call wall

$125

3k contracts

Put wall

$105

603 contracts

Tail hedging

0.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.29 puts per call outstanding.
●Call wall at $125 (3k contracts), 11% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $105 (603 contracts), 7% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 4.9× deep-OTM put OI — speculative upside positioning dominates the tails.

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	764	0.17	90
2026-08-28	54	213	3.94	3
2026-09-04	50	51	1.02	0
2026-09-11	46	4	0.09	0
2026-09-18	2k	711	0.43	16
2026-09-25	5	6	1.20	0
2026-10-02	3	2	0.67	1
2026-11-20	289	157	0.54	5
2026-12-18	2k	901	0.41	0
2027-01-15	4k	980	0.26	16
2027-02-19	42	10	0.24	0
2027-03-19	238	125	0.53	0
2027-06-17	28	18	0.64	0
2028-01-21	2k	363	0.18	4

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