SNA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $401.22.

Put/Call (OI)

3.14

4k P / 1k C

Put/Call (Volume)

0.32

11 P / 34 C today

30d ATM IV

19%

annualized implied move

Call wall

$500

156 contracts

Put wall

$380

2k contracts

Tail hedging

1.4×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 3.14 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $500 (156 contracts), 25% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $380 (2k contracts), 5% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 19% — 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	140	3k	22.52	21
2026-09-18	512	340	0.66	9
2026-12-18	356	177	0.50	14
2027-03-19	163	7	0.04	1

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