VG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $13.75.

Put/Call (OI)

0.56

291k P / 518k C

Put/Call (Volume)

0.24

4k P / 15k C today

30d ATM IV

57%

annualized implied move

Call wall

$15

135k contracts

Put wall

$7.5

112k contracts

Tail hedging

1.5×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.56 puts per call outstanding.
●Call wall at $15 (135k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $7.5 (112k contracts), 45% 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.

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	162k	36k	0.23	4k
2026-08-28	4k	3k	0.87	1k
2026-09-04	1k	718	0.51	874
2026-09-11	3k	933	0.37	367
2026-09-18	48k	3k	0.06	7k
2026-09-25	5k	476	0.09	613
2026-10-02	113	7	0.06	180
2026-11-20	17k	13k	0.72	1k
2026-12-18	141k	135k	0.96	231
2027-01-15	65k	44k	0.67	459
2027-02-19	2k	1k	0.69	327
2027-03-19	6k	5k	0.76	60
2027-05-21	2k	2k	1.12	8
2027-06-17	10k	17k	1.61	520
2027-09-17	7k	2k	0.34	14
2027-12-17	19k	9k	0.47	7
2028-01-21	26k	19k	0.72	255

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