SLF Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $80.71.

Put/Call (OI)

2.17

2k P / 802 C

Put/Call (Volume)

0.00

0 P / 7 C today

30d ATM IV

21%

annualized implied move

Call wall

$90

514 contracts

Put wall

$65

1k contracts

Tail hedging

2.3×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 2.17 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $90 (514 contracts), 12% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $65 (1k contracts), 19% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.3× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 21% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	706	315	0.45	5
2026-09-18	17	101	5.94	2
2026-10-16	1	47	47.00	0
2026-11-20	61	1k	20.70	0
2027-02-19	17	17	1.00	0

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