SPY Options Chain Analysis

As of previous close (2026-08-06) · OPRA historical data

Spot $768.15 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

2.24

14.2M P / 6.3M C

Put/Call (Volume)

1.16

4.4M P / 3.8M C that session

30d ATM IV

13%

annualized implied move

Call wall

$800

291k contracts

Put wall

$525

539k contracts

Tail hedging

5.7×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 2.24 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $800 (291k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $525 (539k contracts), 32% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 5.7× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 13% — 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 2026-09-04. A steep left side = expensive downside protection.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume that session
2026-10-16	156k	1.0M	6.44	26k
2026-10-30	102k	121k	1.18	6k
2026-11-20	107k	1.2M	11.10	7k
2026-11-30	46k	31k	0.67	3k
2026-12-18	478k	978k	2.05	13k
2026-12-31	102k	118k	1.15	13k
2027-01-15	469k	742k	1.58	26k
2027-01-29	3k	5k	1.55	489
2027-03-19	269k	231k	0.86	4k
2027-03-31	44k	39k	0.90	2k
2027-06-17	233k	241k	1.03	6k
2027-06-30	23k	25k	1.13	316
2027-09-17	97k	58k	0.60	2k
2027-12-17	350k	262k	0.75	2k
2028-01-21	133k	149k	1.12	658
2028-06-16	54k	52k	0.96	247
2028-12-15	93k	74k	0.80	1k

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.