SANM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $216.02.

Put/Call (OI)

0.59

9k P / 15k C

Put/Call (Volume)

0.78

57 P / 73 C today

30d ATM IV

64%

annualized implied move

Call wall

$240

2k contracts

Put wall

$185

1k contracts

Tail hedging

1.0×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.59 puts per call outstanding.
●Call wall at $240 (2k contracts), 11% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $185 (1k contracts), 14% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 64% — the market prices very large moves; option premium is expensive.

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	9k	5k	0.58	29
2026-09-18	2k	2k	1.14	47
2026-10-16	3k	1k	0.39	36
2026-12-18	331	137	0.41	2
2027-01-15	526	335	0.64	16

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