UNP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $300.

Put/Call (OI)

0.51

38k P / 75k C

Put/Call (Volume)

0.12

693 P / 6k C today

30d ATM IV

22%

annualized implied move

Call wall

$320

10k contracts

Put wall

$240

5k contracts

Tail hedging

3.6×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.51 puts per call outstanding.
●Call wall at $320 (10k contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $240 (5k contracts), 20% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.6× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 22% — calm pricing; option premium is cheap.

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	13k	9k	0.66	4k
2026-08-28	208	309	1.49	79
2026-09-04	170	104	0.61	6
2026-09-11	57	181	3.18	0
2026-09-18	32k	11k	0.35	852
2026-09-25	14	11	0.79	17
2026-10-02	0	5	—	47
2026-10-16	2k	654	0.30	588
2026-11-20	8k	2k	0.22	653
2026-12-18	5k	3k	0.65	311
2027-01-15	8k	8k	0.96	71
2027-02-19	323	70	0.22	8
2027-03-19	2k	607	0.37	10
2027-06-17	1k	2k	1.26	75
2027-12-17	762	585	0.77	0
2028-01-21	1k	724	0.53	25

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