PSX Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $240.55.

Put/Call (OI)

0.78

35k P / 45k C

Put/Call (Volume)

0.04

2k P / 53k C today

30d ATM IV

36%

annualized implied move

Call wall

$280

2k contracts

Put wall

$155

4k contracts

Tail hedging

9.1×

deep-OTM puts vs calls

What the positioning says

●Call wall at $280 (2k contracts), 16% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $155 (4k contracts), 36% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 9.1× 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.

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	9k	7k	0.73	34k
2026-08-28	2k	519	0.26	2k
2026-09-04	374	286	0.76	795
2026-09-11	245	160	0.65	173
2026-09-18	8k	11k	1.26	15k
2026-09-25	122	110	0.90	170
2026-10-02	8	57	7.13	8
2026-10-16	2k	1k	0.47	382
2026-11-20	3k	881	0.32	389
2026-12-18	5k	3k	0.67	379
2027-01-15	8k	7k	0.90	1k
2027-02-19	378	107	0.28	264
2027-03-19	897	527	0.59	56
2027-05-21	24	5	0.21	8
2027-06-17	1k	1k	0.95	18
2027-08-20	123	7	0.06	21
2027-11-19	30	12	0.40	14
2028-01-21	4k	2k	0.60	83

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