SPG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $220.61.

Put/Call (OI)

1.18

27k P / 23k C

Put/Call (Volume)

0.51

201 P / 396 C today

30d ATM IV

20%

annualized implied move

Call wall

$240

4k contracts

Put wall

$210

4k contracts

Tail hedging

2.8×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.18 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $240 (4k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $210 (4k contracts), 5% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.8× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 20% — 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.

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	4k	3k	0.59	56
2026-09-18	5k	5k	1.04	323
2026-10-16	2k	2k	1.03	29
2026-12-18	3k	2k	0.65	32
2027-01-15	4k	9k	2.20	94
2027-03-19	2k	3k	1.40	18
2027-06-17	580	1k	2.40	18
2028-01-21	2k	3k	1.02	27

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