SOFI Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $18.33.

Put/Call (OI)

0.49

1.3M P / 2.7M C

Put/Call (Volume)

0.38

77k P / 203k C today

30d ATM IV

47%

annualized implied move

Call wall

$20

368k contracts

Put wall

$15

207k contracts

Tail hedging

0.5×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.49 puts per call outstanding.
●Call wall at $20 (368k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $15 (207k contracts), 18% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.2× deep-OTM put OI — speculative upside positioning dominates the tails.

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	358k	169k	0.47	120k
2026-08-28	86k	45k	0.53	44k
2026-09-04	52k	21k	0.40	13k
2026-09-11	21k	9k	0.45	7k
2026-09-18	459k	209k	0.46	37k
2026-09-25	9k	4k	0.44	8k
2026-10-02	530	336	0.63	2k
2026-10-16	96k	46k	0.48	12k
2026-11-20	89k	38k	0.43	6k
2026-12-18	164k	96k	0.59	6k
2027-01-15	560k	275k	0.49	11k
2027-03-19	59k	48k	0.82	1k
2027-06-17	189k	103k	0.55	3k
2027-12-17	128k	120k	0.94	3k
2028-01-21	193k	69k	0.36	3k
2028-06-16	193k	57k	0.30	1k
2028-12-15	24k	11k	0.44	2k

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