SNOW Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $329.5.

Put/Call (OI)

0.89

259k P / 290k C

Put/Call (Volume)

0.75

9k P / 11k C today

30d ATM IV

69%

annualized implied move

Call wall

$360

11k contracts

Put wall

$160

22k contracts

Tail hedging

6.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $360 (11k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $160 (22k contracts), 51% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 6.7× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 69% — 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	45k	30k	0.67	7k
2026-08-28	4k	6k	1.46	3k
2026-09-04	5k	3k	0.61	2k
2026-09-11	2k	2k	1.02	332
2026-09-18	33k	31k	0.94	3k
2026-09-25	360	242	0.67	117
2026-10-02	44	84	1.91	164
2026-10-16	9k	7k	0.86	2k
2026-11-20	14k	5k	0.38	332
2026-12-18	30k	37k	1.26	403
2027-01-15	58k	67k	1.16	504
2027-02-19	2k	1k	0.74	127
2027-03-19	11k	10k	0.84	300
2027-06-17	8k	10k	1.27	429
2027-09-17	25k	12k	0.48	190
2027-12-17	10k	8k	0.82	154
2028-01-21	29k	25k	0.88	256
2028-12-15	5k	3k	0.51	281

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