VRTX Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $524.59.

Put/Call (OI)

1.13

27k P / 24k C

Put/Call (Volume)

2.11

116 P / 55 C today

30d ATM IV

25%

annualized implied move

Call wall

$540

2k contracts

Put wall

$340

3k contracts

Tail hedging

3.8×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.13 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $540 (2k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $340 (3k contracts), 35% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.8× 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 2026-09-18. 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	4k	1.65	18
2026-08-28	563	2k	3.62	11
2026-09-04	189	2k	8.19	1
2026-09-11	146	85	0.58	0
2026-09-18	3k	5k	1.40	22
2026-09-25	76	371	4.88	2
2026-10-02	0	0	—	0
2026-10-16	1k	1k	1.06	5
2026-12-18	3k	2k	0.66	101
2027-01-15	6k	5k	0.91	1
2027-03-19	759	396	0.52	0
2027-06-17	3k	1k	0.37	0
2028-01-21	1k	880	0.82	5

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