REGN Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $805.93.

Put/Call (OI)

0.87

19k P / 22k C

Put/Call (Volume)

0.07

388 P / 5k C today

30d ATM IV

27%

annualized implied move

Call wall

$1,000

1k contracts

Put wall

$600

2k contracts

Tail hedging

1.8×

deep-OTM puts vs calls

What the positioning says

●Call wall at $1,000 (1k contracts), 24% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $600 (2k contracts), 26% below spot — the hedge floor; often acts as support.

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	3k	3k	1.05	5k
2026-08-28	159	485	3.05	24
2026-09-04	86	286	3.33	30
2026-09-11	50	25	0.50	1
2026-09-18	3k	3k	0.79	142
2026-09-25	14	47	3.36	5
2026-10-02	0	27	—	107
2026-10-16	570	355	0.62	11
2026-11-20	804	905	1.13	8
2026-12-18	7k	5k	0.69	23
2027-01-15	4k	3k	0.68	67
2027-02-19	199	137	0.69	1
2027-03-19	839	1k	1.22	51
2027-06-17	189	326	1.72	0
2028-01-21	2k	1k	0.79	4
2028-06-16	559	973	1.74	4

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