SNY Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $44.08.

Put/Call (OI)

0.91

47k P / 52k C

Put/Call (Volume)

0.34

13 P / 38 C today

30d ATM IV

22%

annualized implied move

Call wall

$45

12k contracts

Put wall

$40

8k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $45 (12k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $40 (8k contracts), 9% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.3× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 22% — 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	13k	7k	0.53	2
2026-09-18	6k	7k	1.07	12
2026-12-18	6k	7k	1.18	6
2027-01-15	12k	7k	0.57	2
2027-03-19	289	825	2.85	1
2027-06-17	7k	5k	0.80	18
2027-12-17	4k	2k	0.40	10
2028-01-21	5k	13k	2.65	0

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