UBS Options Chain Analysis

As of previous close (2026-10-27) · OPRA historical data

Spot $46.85 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

1.40

64k P / 45k C

Put/Call (Volume)

5.14

262 P / 51 C that session

30d ATM IV

32%

annualized implied move

Call wall

$50

7k contracts

Put wall

$35

9k contracts

Tail hedging

1.3×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.40 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $50 (7k contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $35 (9k contracts), 25% 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 2026-11-20. A steep left side = expensive downside protection.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume that session
2026-11-20	12k	7k	0.61	115
2026-12-18	128	4k	27.98	174
2027-01-15	20k	39k	1.95	16
2027-02-19	3k	3k	0.91	2
2027-05-21	1k	263	0.24	0
2028-01-21	9k	11k	1.16	0
2029-01-19	90	141	1.57	6

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.