SBUX Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $107.91.

Put/Call (OI)

1.10

251k P / 229k C

Put/Call (Volume)

1.14

7k P / 6k C today

30d ATM IV

24%

annualized implied move

Call wall

$110

39k contracts

Put wall

$60

44k contracts

Tail hedging

3.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $110 (39k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $60 (44k contracts), 44% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.0× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 24% — calm pricing; option premium is cheap.

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	28k	22k	0.80	5k
2026-08-28	3k	2k	0.69	1k
2026-09-04	1k	857	0.66	509
2026-09-11	2k	527	0.26	246
2026-09-18	28k	35k	1.26	3k
2026-09-25	500	220	0.44	52
2026-10-02	21	22	1.05	11
2026-10-16	11k	11k	1.06	745
2026-11-20	7k	5k	0.71	761
2026-12-18	48k	46k	0.97	1k
2027-01-15	69k	82k	1.18	201
2027-02-19	2k	3k	1.93	49
2027-03-19	5k	9k	1.90	32
2027-06-17	3k	4k	1.42	254
2028-01-21	22k	29k	1.33	273

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