RY Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $217.34.

Put/Call (OI)

1.15

19k P / 17k C

Put/Call (Volume)

0.14

18 P / 129 C today

30d ATM IV

19%

annualized implied move

Call wall

$220

4k contracts

Put wall

$155

3k contracts

Tail hedging

7.0×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.15 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $220 (4k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $155 (3k contracts), 29% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 7.0× 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	4k	5k	1.47	6
2026-09-18	2k	2k	0.84	15
2026-10-16	2k	7k	3.00	11
2027-01-15	8k	4k	0.54	115

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