SNDK Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $1,804.

Put/Call (OI)

1.18

508k P / 429k C

Put/Call (Volume)

0.87

152k P / 175k C today

30d ATM IV

86%

annualized implied move

Call wall

$2,000

11k contracts

Put wall

$250

16k contracts

Tail hedging

2.7×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.18 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $2,000 (11k contracts), 11% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $250 (16k contracts), 86% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.7× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 86% — 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.

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	85k	91k	1.07	210k
2026-08-28	17k	16k	0.96	25k
2026-09-04	6k	7k	1.10	8k
2026-09-11	3k	6k	2.17	4k
2026-09-18	44k	61k	1.36	20k
2026-09-25	1k	3k	2.54	2k
2026-10-02	359	325	0.91	2k
2026-10-16	19k	22k	1.14	7k
2026-11-20	16k	23k	1.46	5k
2026-12-18	37k	36k	0.99	8k
2027-01-15	73k	106k	1.45	14k
2027-02-19	14k	19k	1.32	1k
2027-03-19	9k	12k	1.33	3k
2027-06-17	33k	24k	0.71	5k
2027-09-17	7k	8k	1.18	2k
2028-01-21	29k	26k	0.89	2k
2028-06-16	12k	17k	1.40	3k
2028-09-15	4k	15k	4.13	6k
2028-12-15	19k	16k	0.81	2k

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