SPCX Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-17. Spot $145.85.

Put/Call (OI)

1.12

2.3M P / 2.0M C

Put/Call (Volume)

0.76

478k P / 627k C today

30d ATM IV

66%

annualized implied move

Call wall

$150

139k contracts

Put wall

$100

181k contracts

Tail hedging

1.3×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.12 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $150 (139k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $100 (181k contracts), 31% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 66% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	575k	496k	0.86	623k
2026-08-28	125k	109k	0.87	107k
2026-09-04	39k	43k	1.12	41k
2026-09-11	14k	43k	3.14	16k
2026-09-18	383k	434k	1.13	84k
2026-09-25	8k	26k	3.18	21k
2026-10-02	944	723	0.77	7k
2026-10-16	163k	210k	1.29	40k
2026-11-20	69k	119k	1.72	17k
2026-12-18	139k	193k	1.39	28k
2027-01-15	129k	178k	1.38	27k
2027-02-19	24k	20k	0.82	9k
2027-03-19	53k	73k	1.36	10k
2027-06-17	126k	165k	1.31	12k
2027-09-17	17k	37k	2.12	7k
2027-12-17	30k	23k	0.77	9k
2028-01-21	74k	45k	0.61	6k
2028-06-16	16k	17k	1.05	4k
2028-12-15	57k	55k	0.97	39k

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