PPL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $36.

Put/Call (OI)

0.75

22k P / 29k C

Put/Call (Volume)

0.66

292 P / 443 C today

30d ATM IV

18%

annualized implied move

Call wall

$37

11k contracts

Put wall

$30

16k contracts

Tail hedging

2.8×

deep-OTM puts vs calls

What the positioning says

●Call wall at $37 (11k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $30 (16k contracts), 17% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.8× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 18% — 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	15k	1k	0.07	19
2026-09-18	451	251	0.56	306
2026-10-16	7k	778	0.10	402
2027-01-15	3k	19k	6.30	7
2027-06-17	6	0	0.00	0
2028-01-21	3k	602	0.17	1

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