VSH Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $35.58.

Put/Call (OI)

0.99

59k P / 60k C

Put/Call (Volume)

0.29

763 P / 3k C today

30d ATM IV

75%

annualized implied move

Call wall

$40

10k contracts

Put wall

$20

9k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $40 (10k contracts), 12% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $20 (9k contracts), 44% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.4× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 75% — 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	25k	7k	0.30	2k
2026-09-18	2k	2k	0.84	470
2026-10-16	8k	15k	1.82	661
2026-11-20	13k	3k	0.20	125
2026-12-18	3k	1k	0.41	75
2027-01-15	7k	6k	0.87	217
2028-01-21	1k	25k	22.22	65
2028-12-15	399	104	0.26	27

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