PYPL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $60.41.

Put/Call (OI)

0.38

498k P / 1.3M C

Put/Call (Volume)

0.22

13k P / 60k C today

30d ATM IV

29%

annualized implied move

Call wall

$70

148k contracts

Put wall

$40

56k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.38 puts per call outstanding.
●Call wall at $70 (148k contracts), 16% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $40 (56k contracts), 34% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.3× 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	92k	50k	0.54	17k
2026-08-28	11k	5k	0.41	4k
2026-09-04	4k	3k	0.82	3k
2026-09-11	2k	934	0.46	2k
2026-09-18	139k	74k	0.54	10k
2026-09-25	558	705	1.26	1k
2026-10-02	171	118	0.69	580
2026-10-16	30k	17k	0.55	4k
2026-11-20	27k	34k	1.26	1k
2026-12-18	122k	66k	0.55	5k
2027-01-15	335k	108k	0.32	24k
2027-03-19	20k	19k	0.96	128
2027-06-17	5k	6k	1.04	461
2027-12-17	55k	45k	0.81	200
2028-01-21	436k	51k	0.12	804
2028-12-15	37k	18k	0.48	292

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