VNOM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $43.25.

Put/Call (OI)

0.26

5k P / 18k C

Put/Call (Volume)

0.69

229 P / 330 C today

30d ATM IV

27%

annualized implied move

Call wall

$45

4k contracts

Put wall

$40

1k contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.26 puts per call outstanding.
●Call wall at $45 (4k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $40 (1k contracts), 8% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 10.7× deep-OTM put OI — speculative upside positioning dominates the tails.

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	3k	2k	0.51	225
2026-09-18	7k	2k	0.24	286
2026-11-20	2k	238	0.10	28
2026-12-18	4k	873	0.20	12
2027-03-19	453	51	0.11	8

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