UTHR Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $508.15.

Put/Call (OI)

0.66

18k P / 28k C

Put/Call (Volume)

7.22

130 P / 18 C today

30d ATM IV

29%

annualized implied move

Call wall

$550

11k contracts

Put wall

$480

10k contracts

Tail hedging

0.0×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.66 puts per call outstanding.
●Call wall at $550 (11k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $480 (10k contracts), 6% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 21.4× deep-OTM put OI — speculative upside positioning dominates the tails.

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	24k	15k	0.62	100
2026-09-18	591	951	1.61	37
2026-11-20	846	527	0.62	2
2027-01-15	2k	1k	0.72	7
2027-02-19	141	337	2.39	1
2028-01-21	179	275	1.54	1

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