SYY Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $81.85.

Put/Call (OI)

0.37

15k P / 41k C

Put/Call (Volume)

0.17

193 P / 1k C today

30d ATM IV

18%

annualized implied move

Call wall

$85

10k contracts

Put wall

$70

3k contracts

Tail hedging

0.8×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.37 puts per call outstanding.
●Call wall at $85 (10k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $70 (3k contracts), 14% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 18% — 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	15k	4k	0.28	558
2026-09-18	10k	4k	0.36	121
2026-11-20	3k	446	0.15	84
2026-12-18	2k	1k	0.48	4
2027-01-15	7k	3k	0.50	330
2027-02-19	151	74	0.49	50
2027-03-19	2k	1k	0.59	12
2027-06-17	152	35	0.23	28
2028-01-21	1k	1k	0.95	138

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