VLO Options Chain Analysis

As of previous close (2026-10-02) · OPRA historical data

Spot $409.24 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

1.49

105k P / 70k C

Put/Call (Volume)

1.07

8k P / 8k C that session

30d ATM IV

51%

annualized implied move

Call wall

$410

3k contracts

Put wall

$320

22k contracts

Tail hedging

9.0×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.49 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $410 (3k contracts), 0% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $320 (22k contracts), 22% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 9.0× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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 2026-10-30. 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 that session
2026-10-09	2k	4k	1.64	5k
2026-10-16	9k	23k	2.67	4k
2026-10-23	2k	2k	0.97	129
2026-10-30	692	1k	1.87	471
2026-11-06	119	300	2.52	221
2026-11-13	3	16	5.33	45
2026-11-20	2k	2k	0.84	551
2026-12-18	20k	32k	1.64	399
2027-01-15	14k	17k	1.15	393
2027-03-19	3k	3k	0.77	189
2027-06-17	2k	5k	2.63	97
2027-09-17	293	543	1.85	6
2027-12-17	2k	2k	1.03	7
2028-01-21	4k	3k	0.91	736
2028-12-15	3k	1k	0.46	7
2029-01-19	350	77	0.22	52

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.