U Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $45.2.

Put/Call (OI)

0.79

240k P / 305k C

Put/Call (Volume)

0.92

9k P / 10k C today

30d ATM IV

52%

annualized implied move

Call wall

$50

19k contracts

Put wall

$20

47k contracts

Tail hedging

3.2×

deep-OTM puts vs calls

What the positioning says

●Call wall at $50 (19k contracts), 11% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $20 (47k contracts), 56% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.2× 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	67k	61k	0.91	8k
2026-08-28	4k	5k	1.18	2k
2026-09-04	2k	797	0.39	453
2026-09-11	765	518	0.68	1k
2026-09-18	13k	21k	1.63	2k
2026-09-25	1k	114	0.10	552
2026-10-02	63	71	1.13	30
2026-10-16	0	0	—	1k
2026-11-20	27k	11k	0.43	771
2027-01-15	98k	93k	0.95	610
2027-02-19	6k	14k	2.18	665
2027-05-21	5k	2k	0.46	88
2027-12-17	39k	16k	0.40	223
2028-01-21	42k	16k	0.38	748
2028-12-15	1k	425	0.40	14

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