SBAC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $182.11.

Put/Call (OI)

0.70

5k P / 7k C

Put/Call (Volume)

0.00

1 P / 1k C today

30d ATM IV

29%

annualized implied move

Call wall

$210

3k contracts

Put wall

$175

2k contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.70 puts per call outstanding.
●Call wall at $210 (3k contracts), 15% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $175 (2k contracts), 4% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 7.2× deep-OTM put OI — speculative upside positioning dominates the tails.

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	3k	535	0.17	1k
2026-09-18	2k	3k	1.76	4
2026-10-16	2k	43	0.03	1
2026-11-20	2	44	22.00	0
2026-12-18	674	303	0.45	0
2027-03-19	95	1k	13.99	0

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