USB Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $65.35.

Put/Call (OI)

0.66

83k P / 126k C

Put/Call (Volume)

0.25

1k P / 6k C today

30d ATM IV

19%

annualized implied move

Call wall

$67.5

17k contracts

Put wall

$55

10k contracts

Tail hedging

5.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.66 puts per call outstanding.
●Call wall at $67.5 (17k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $55 (10k contracts), 16% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 5.4× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 19% — 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	16k	7k	0.42	1k
2026-08-28	3k	96	0.03	1k
2026-09-04	1k	71	0.06	250
2026-09-11	776	1k	1.42	12
2026-09-18	29k	21k	0.71	751
2026-09-25	50	41	0.82	16
2026-10-02	0	10	—	5
2026-10-16	5k	1k	0.21	1k
2026-11-20	2k	1k	0.75	128
2026-12-18	23k	7k	0.32	215
2027-01-15	21k	24k	1.15	74
2027-02-19	705	67	0.10	1k
2027-03-19	7k	4k	0.57	40
2027-06-17	7k	10k	1.47	229
2028-01-21	7k	4k	0.63	614
2028-12-15	2k	1k	0.61	84

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