TGT Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $151.22.

Put/Call (OI)

0.98

212k P / 215k C

Put/Call (Volume)

1.26

18k P / 14k C today

30d ATM IV

40%

annualized implied move

Call wall

$155

12k contracts

Put wall

$120

17k contracts

Tail hedging

5.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $155 (12k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $120 (17k contracts), 21% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 5.3× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	21k	18k	0.88	18k
2026-08-28	2k	5k	2.37	4k
2026-09-04	619	1k	1.73	251
2026-09-11	455	644	1.42	228
2026-09-18	23k	39k	1.74	4k
2026-09-25	222	182	0.82	87
2026-10-02	0	14	—	85
2026-10-16	23k	9k	0.40	818
2026-11-20	6k	7k	1.17	626
2026-12-18	35k	31k	0.89	337
2027-01-15	73k	51k	0.70	2k
2027-03-19	3k	5k	1.69	60
2027-06-17	5k	8k	1.61	170
2027-09-17	3k	4k	1.46	20
2027-12-17	7k	12k	1.78	20
2028-01-21	13k	17k	1.35	577
2028-12-15	1k	2k	1.42	54

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