UPS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $102.51.

Put/Call (OI)

0.86

181k P / 211k C

Put/Call (Volume)

0.66

8k P / 13k C today

30d ATM IV

24%

annualized implied move

Call wall

$120

32k contracts

Put wall

$100

23k contracts

Tail hedging

0.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $120 (32k contracts), 17% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $100 (23k contracts), 2% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 24% — 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	42k	24k	0.58	9k
2026-08-28	4k	5k	1.21	1k
2026-09-04	3k	843	0.26	2k
2026-09-11	734	723	0.99	629
2026-09-18	28k	37k	1.34	3k
2026-09-25	414	342	0.83	92
2026-10-02	8	3	0.38	51
2026-10-16	11k	9k	0.82	600
2026-11-20	11k	3k	0.27	782
2026-12-18	14k	20k	1.43	602
2027-01-15	71k	54k	0.77	2k
2027-03-19	6k	6k	1.09	194
2027-06-17	3k	3k	1.02	202
2027-09-17	2k	3k	1.28	550
2028-01-21	16k	15k	0.95	795

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