PSA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $324.31.

Put/Call (OI)

1.32

4k P / 3k C

Put/Call (Volume)

0.88

64 P / 73 C today

30d ATM IV

18%

annualized implied move

Call wall

$340

659 contracts

Put wall

$250

948 contracts

Tail hedging

9.2×

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 $340 (659 contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $250 (948 contracts), 23% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 9.2× 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	1k	495	0.40	35
2026-09-18	1k	3k	1.77	76
2026-12-18	467	965	2.07	23
2027-03-19	55	224	4.07	3

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