ULTA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $505.51.

Put/Call (OI)

0.93

24k P / 26k C

Put/Call (Volume)

1.59

2k P / 1k C today

30d ATM IV

46%

annualized implied move

Call wall

$600

1k contracts

Put wall

$400

1k contracts

Tail hedging

0.9×

deep-OTM puts vs calls

What the positioning says

●Call wall at $600 (1k contracts), 19% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $400 (1k contracts), 21% 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 2026-09-18. 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	3k	3k	0.86	467
2026-08-28	816	3k	3.54	972
2026-09-04	373	2k	4.17	636
2026-09-11	115	638	5.55	266
2026-09-18	6k	4k	0.69	556
2026-09-25	339	476	1.40	514
2026-10-02	114	10	0.09	28
2026-11-20	1k	2k	1.42	29
2026-12-18	2k	3k	1.65	21
2027-01-15	7k	5k	0.64	8
2027-03-19	3k	747	0.26	8
2027-06-17	826	905	1.10	6
2028-01-21	1k	766	0.68	34

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