SYM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $42.78.

Put/Call (OI)

0.55

27k P / 49k C

Put/Call (Volume)

0.39

711 P / 2k C today

30d ATM IV

57%

annualized implied move

Call wall

$50

4k contracts

Put wall

$40

3k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.55 puts per call outstanding.
●Call wall at $50 (4k contracts), 17% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $40 (3k contracts), 6% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.2× 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.

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	16k	10k	0.61	837
2026-08-28	1k	744	0.73	262
2026-09-04	388	515	1.33	97
2026-09-11	304	243	0.80	71
2026-09-18	2k	2k	0.98	141
2026-09-25	215	113	0.53	30
2026-10-02	4	11	2.75	13
2026-11-20	7k	3k	0.39	690
2027-01-15	15k	8k	0.52	203
2027-02-19	2k	559	0.24	137
2028-01-21	5k	3k	0.49	61

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