STX Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-17. Spot $996.99.

Put/Call (OI)

1.42

156k P / 110k C

Put/Call (Volume)

1.58

17k P / 11k C today

30d ATM IV

74%

annualized implied move

Call wall

$1,200

4k contracts

Put wall

$500

9k contracts

Tail hedging

4.1×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.42 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $1,200 (4k contracts), 20% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $500 (9k contracts), 50% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.1× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 74% — 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	23k	20k	0.85	12k
2026-08-28	5k	5k	1.00	4k
2026-09-04	2k	2k	0.77	806
2026-09-11	707	1k	2.07	1k
2026-09-18	21k	26k	1.22	3k
2026-09-25	468	766	1.64	319
2026-10-02	110	363	3.30	543
2026-10-16	6k	6k	0.87	1k
2026-11-20	5k	3k	0.68	911
2026-12-18	7k	7k	0.91	667
2027-01-15	18k	28k	1.54	734
2027-03-19	4k	8k	1.72	528
2027-06-17	7k	18k	2.53	987
2028-01-21	9k	33k	3.52	1k

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