VZ Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $48.16.

Put/Call (OI)

0.77

501k P / 649k C

Put/Call (Volume)

0.74

13k P / 18k C today

30d ATM IV

23%

annualized implied move

Call wall

$50

110k contracts

Put wall

$40

70k contracts

Tail hedging

2.8×

deep-OTM puts vs calls

What the positioning says

●Call wall at $50 (110k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $40 (70k contracts), 17% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.8× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 23% — calm pricing; option premium is cheap.

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	89k	74k	0.83	8k
2026-08-28	18k	8k	0.43	2k
2026-09-04	10k	3k	0.32	1k
2026-09-11	2k	4k	1.74	465
2026-09-18	163k	133k	0.82	9k
2026-09-25	676	320	0.47	445
2026-10-02	86	112	1.30	188
2026-10-16	40k	40k	1.00	1k
2026-12-18	71k	50k	0.70	3k
2027-01-15	137k	92k	0.67	2k
2027-03-19	13k	12k	0.94	416
2027-06-17	37k	34k	0.91	1k
2027-12-17	15k	11k	0.76	307
2028-01-21	49k	38k	0.78	1k
2028-12-15	4k	1k	0.39	75

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