VIV Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $11.41.

Put/Call (OI)

1.22

536 P / 439 C

Put/Call (Volume)

1.50

3 P / 2 C today

30d ATM IV

79%

annualized implied move

Call wall

$15

224 contracts

Put wall

$7.5

13 contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.22 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $15 (224 contracts), 31% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $7.5 (13 contracts), 34% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 14.2× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 79% — the market prices very large moves; option premium is expensive.

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	277	489	1.77	2
2026-09-18	39	11	0.28	3
2026-11-20	123	36	0.29	0
2027-02-19	0	0	—	0

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