RGA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $246.98.

Put/Call (OI)

0.37

738 P / 2k C

Put/Call (Volume)

0.05

1 P / 20 C today

30d ATM IV

19%

annualized implied move

Call wall

$270

402 contracts

Put wall

$230

311 contracts

Tail hedging

2.7×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.37 puts per call outstanding.
●Call wall at $270 (402 contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $230 (311 contracts), 7% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.7× 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	342	640	1.87	13
2026-09-18	12	17	1.42	5
2026-10-16	110	40	0.36	0
2026-11-20	10	13	1.30	0
2027-01-15	2k	28	0.02	3

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