VST Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $146.49.

Put/Call (OI)

0.87

248k P / 286k C

Put/Call (Volume)

2.02

27k P / 13k C today

30d ATM IV

44%

annualized implied move

Call wall

$165

27k contracts

Put wall

$110

32k contracts

Tail hedging

0.6×

deep-OTM puts vs calls

What the positioning says

●Call wall at $165 (27k contracts), 13% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $110 (32k contracts), 25% below spot — the hedge floor; often acts as support.

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	58k	34k	0.58	7k
2026-08-28	3k	9k	2.77	2k
2026-09-04	2k	1k	0.65	350
2026-09-11	600	403	0.67	420
2026-09-18	93k	57k	0.62	12k
2026-09-25	555	348	0.63	262
2026-10-02	12	23	1.92	10k
2026-10-16	14k	26k	1.84	1k
2026-11-20	15k	12k	0.76	298
2026-12-18	44k	9k	0.21	3k
2027-01-15	33k	33k	1.00	2k
2027-03-19	5k	16k	3.12	681
2027-06-17	2k	14k	6.68	613
2027-09-17	2k	4k	1.69	39
2027-12-17	3k	17k	5.53	52
2028-01-21	8k	13k	1.79	616
2028-06-16	177	313	1.77	30
2028-12-15	2k	899	0.51	1k

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