SBSW Options Chain Analysis

As of previous close (2026-08-28) · OPRA historical data

Spot $12.1 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.29

52k P / 179k C

Put/Call (Volume)

0.27

2k P / 6k C that session

30d ATM IV

66%

annualized implied move

Call wall

$15

25k contracts

Put wall

$10

12k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.29 puts per call outstanding.
●Call wall at $15 (25k contracts), 24% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $10 (12k contracts), 17% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.5× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 66% — 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 that session
2026-10-16	27k	21k	0.77	3k
2027-01-15	102k	20k	0.20	2k
2027-03-19	3	155	51.67	308
2027-04-16	292	22	0.08	6
2027-06-17	2	0	0.00	20
2027-09-17	5	0	0.00	20
2027-12-17	0	2	—	0
2028-01-21	34k	4k	0.13	622

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.