UAL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $122.77.

Put/Call (OI)

1.23

181k P / 147k C

Put/Call (Volume)

0.73

5k P / 6k C today

30d ATM IV

44%

annualized implied move

Call wall

$130

13k contracts

Put wall

$20

13k contracts

Tail hedging

2.9×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.23 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $130 (13k contracts), 6% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $20 (13k contracts), 84% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.9× 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	29k	21k	0.73	3k
2026-08-28	2k	3k	1.91	1k
2026-09-04	2k	690	0.34	133
2026-09-11	572	389	0.68	321
2026-09-18	36k	34k	0.96	1k
2026-09-25	160	336	2.10	192
2026-10-02	3	6	2.00	78
2026-10-16	7k	7k	0.99	2k
2026-11-20	5k	6k	1.26	413
2026-12-18	16k	40k	2.54	905
2027-01-15	28k	39k	1.41	450
2027-03-19	5k	7k	1.53	67
2027-06-17	1k	1k	0.95	421
2027-12-17	10k	10k	1.05	577
2028-01-21	7k	10k	1.43	524

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