PS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-20. Spot $39.81.

Put/Call (OI)

1.32

5k P / 4k C

Put/Call (Volume)

17.68

1k P / 60 C today

30d ATM IV

44%

annualized implied move

Call wall

$40

2k contracts

Put wall

$30

1k contracts

Tail hedging

3.7×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.32 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $40 (2k contracts), 0% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $30 (1k contracts), 25% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.7× 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	2k	1k	0.78	10
2026-09-18	121	452	3.74	53
2026-11-20	987	2k	2.36	1k
2027-01-15	377	330	0.88	0
2027-02-19	58	31	0.53	0
2028-01-21	261	289	1.11	1

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