TEVA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $36.46.

Put/Call (OI)

0.36

107k P / 300k C

Put/Call (Volume)

1.43

4k P / 3k C today

30d ATM IV

35%

annualized implied move

Call wall

$41

63k contracts

Put wall

$27

15k contracts

Tail hedging

1.0×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.36 puts per call outstanding.
●Call wall at $41 (63k contracts), 12% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $27 (15k contracts), 26% below spot — the hedge floor; often acts as support.

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	34k	5k	0.14	4k
2026-08-28	3k	662	0.20	347
2026-09-04	251	145	0.58	291
2026-09-11	317	171	0.54	620
2026-09-18	147k	36k	0.25	265
2026-09-25	44	144	3.27	0
2026-10-02	2	24	12.00	172
2026-12-18	33k	22k	0.68	555
2027-01-15	65k	33k	0.51	310
2027-03-19	4k	3k	0.83	166
2028-01-21	13k	6k	0.46	385

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