SONY Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $23.7.

Put/Call (OI)

0.21

24k P / 115k C

Put/Call (Volume)

0.70

4k P / 6k C today

30d ATM IV

28%

annualized implied move

Call wall

$25

34k contracts

Put wall

$20

9k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.21 puts per call outstanding.
●Call wall at $25 (34k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $20 (9k contracts), 16% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.9× 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	12k	3k	0.26	353
2026-08-28	2k	497	0.31	74
2026-09-04	333	101	0.30	21
2026-09-11	201	77	0.38	583
2026-09-18	20k	8k	0.39	669
2026-09-25	45	16	0.36	51
2026-10-02	4	1	0.25	1
2026-10-16	13k	3k	0.25	381
2026-12-18	10k	1k	0.11	7k
2027-01-15	41k	5k	0.12	895
2028-01-21	16k	3k	0.16	148

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