SAP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $208.8.

Put/Call (OI)

0.83

44k P / 52k C

Put/Call (Volume)

0.20

419 P / 2k C today

30d ATM IV

37%

annualized implied move

Call wall

$220

3k contracts

Put wall

$170

4k contracts

Tail hedging

2.5×

deep-OTM puts vs calls

What the positioning says

●Call wall at $220 (3k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $170 (4k contracts), 19% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.5× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	12k	7k	0.63	2k
2026-08-28	923	404	0.44	39
2026-09-04	199	119	0.60	8
2026-09-11	25	37	1.48	5
2026-09-18	19k	13k	0.68	154
2026-09-25	33	352	10.67	1
2026-10-02	1	4	4.00	7
2026-12-18	6k	6k	1.02	278
2027-01-15	8k	11k	1.38	76
2027-03-19	1k	3k	2.17	166
2027-06-17	670	189	0.28	5
2028-01-21	4k	1k	0.33	2
2028-06-16	599	912	1.52	0
2028-12-15	595	318	0.53	14

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