V Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $359.

Put/Call (OI)

1.02

241k P / 236k C

Put/Call (Volume)

1.01

10k P / 10k C today

30d ATM IV

20%

annualized implied move

Call wall

$400

25k contracts

Put wall

$320

17k contracts

Tail hedging

2.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $400 (25k contracts), 11% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $320 (17k contracts), 11% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 20% — 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	31k	29k	0.91	5k
2026-08-28	5k	15k	3.20	2k
2026-09-04	2k	4k	1.94	2k
2026-09-11	2k	11k	6.01	2k
2026-09-18	44k	46k	1.04	5k
2026-09-25	556	8k	13.56	3k
2026-10-02	0	20	—	312
2026-10-16	15k	9k	0.59	512
2026-11-20	12k	10k	0.84	442
2026-12-18	25k	18k	0.69	365
2027-01-15	47k	57k	1.20	375
2027-03-19	5k	6k	1.12	242
2027-06-17	17k	13k	0.73	148
2027-12-17	5k	5k	0.92	24
2028-01-21	19k	9k	0.48	170
2028-06-16	643	268	0.42	13
2028-09-15	135	431	3.19	2
2028-12-15	4k	2k	0.58	14

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