SLB Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $53.86.

Put/Call (OI)

0.60

281k P / 472k C

Put/Call (Volume)

0.73

3k P / 5k C today

30d ATM IV

32%

annualized implied move

Call wall

$65

105k contracts

Put wall

$45

38k contracts

Tail hedging

1.0×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.60 puts per call outstanding.
●Call wall at $65 (105k contracts), 21% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $45 (38k contracts), 16% below spot — the hedge floor; often acts as support.

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	62k	29k	0.46	1k
2026-08-28	5k	870	0.19	827
2026-09-04	2k	1k	0.84	314
2026-09-11	2k	326	0.19	622
2026-09-18	170k	100k	0.59	2k
2026-09-25	250	32	0.13	22
2026-10-02	21	1	0.05	20
2026-11-20	29k	8k	0.28	447
2026-12-18	17k	17k	1.03	475
2027-01-15	150k	78k	0.52	523
2027-02-19	2k	368	0.23	183
2027-03-19	9k	13k	1.42	53
2027-06-17	8k	8k	0.98	498
2028-01-21	17k	26k	1.55	492

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