RF Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $31.7.

Put/Call (OI)

1.01

38k P / 37k C

Put/Call (Volume)

1.11

771 P / 697 C today

30d ATM IV

19%

annualized implied move

Call wall

$32

7k contracts

Put wall

$25

10k contracts

Tail hedging

4.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $32 (7k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $25 (10k contracts), 21% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.7× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 19% — 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	9k	4k	0.44	200
2026-09-18	4k	1k	0.36	252
2026-11-20	2k	311	0.15	103
2026-12-18	3k	784	0.23	39
2027-01-15	11k	20k	1.80	125
2027-02-19	54	12	0.22	4
2027-03-19	3k	5k	1.59	12
2027-06-17	194	129	0.66	729
2028-01-21	5k	6k	1.23	4

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