VALE Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $13.77.

Put/Call (OI)

1.05

767k P / 728k C

Put/Call (Volume)

0.54

5k P / 9k C today

30d ATM IV

29%

annualized implied move

Call wall

$15

136k contracts

Put wall

$10

209k contracts

Tail hedging

1.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $15 (136k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $10 (209k contracts), 27% below spot — the hedge floor; often acts as support.

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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	57k	23k	0.41	4k
2026-08-28	4k	2k	0.38	910
2026-09-04	627	1k	1.61	153
2026-09-11	2k	2k	0.98	2k
2026-09-18	181k	103k	0.57	2k
2026-09-25	995	348	0.35	529
2026-10-02	5	15	3.00	126
2026-12-18	93k	192k	2.06	1k
2027-01-15	278k	313k	1.13	2k
2027-03-19	14k	18k	1.29	82
2027-06-17	5k	16k	3.64	708
2027-12-17	20k	20k	1.00	305
2028-01-21	73k	77k	1.05	861

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