SBS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $4.55.

Put/Call (OI)

0.06

36 P / 613 C

Put/Call (Volume)

0.01

1 P / 117 C today

30d ATM IV

51%

annualized implied move

Call wall

428 contracts

Put wall

$2.5

1 contracts

Tail hedging

0.0×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.06 puts per call outstanding.
●Call wall at $5 (428 contracts), 10% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $2.5 (1 contracts), 45% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 160.0× 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	208	3	0.01	3
2026-09-18	0	5	—	0
2026-10-16	155	28	0.18	0
2027-01-15	250	0	0.00	115

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