VICI Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $26.03.

Put/Call (OI)

0.55

32k P / 59k C

Put/Call (Volume)

0.58

2k P / 3k C today

30d ATM IV

17%

annualized implied move

Call wall

$27.5

24k contracts

Put wall

$25

16k contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.55 puts per call outstanding.
●Call wall at $27.5 (24k contracts), 6% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $25 (16k contracts), 4% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 9.2× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 17% — 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	8k	5k	0.59	94
2026-09-18	17k	6k	0.33	3k
2026-12-18	12k	7k	0.61	129
2027-01-15	11k	6k	0.57	60
2027-03-19	3k	2k	0.47	314
2027-06-17	5k	4k	0.83	817
2028-01-21	3k	3k	1.01	377

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