TMUS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $180.12.

Put/Call (OI)

0.46

61k P / 133k C

Put/Call (Volume)

0.87

2k P / 3k C today

30d ATM IV

30%

annualized implied move

Call wall

$195

22k contracts

Put wall

$150

6k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.46 puts per call outstanding.
●Call wall at $195 (22k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $150 (6k contracts), 17% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.1× 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	54k	13k	0.23	1k
2026-08-28	2k	1k	0.66	470
2026-09-04	830	620	0.75	311
2026-09-11	237	315	1.33	70
2026-09-18	14k	8k	0.57	994
2026-09-25	41	75	1.83	23
2026-10-02	28	42	1.50	9
2026-10-16	2k	2k	0.81	473
2026-11-20	3k	3k	0.78	483
2026-12-18	12k	8k	0.61	150
2027-01-15	13k	13k	0.99	244
2027-02-19	257	264	1.03	4
2027-03-19	913	1k	1.10	21
2027-06-17	10k	6k	0.55	25
2028-01-21	11k	5k	0.47	33
2028-06-16	6k	369	0.06	16
2028-12-15	3k	321	0.12	338

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