SPY puts built for a third session
OI 13.32M vs 14.10M 5-day ADV. 53 percent calls. SPX closed 7,693, down 0.7 percent from Monday. VIX rose 4 percent to 15.80.
SPY puts are the through-line: 330k Friday, 386k Monday, 446k Tuesday, into a second down day. SPX puts stepped up to 408k from 297k. The VIX call book cooled — 367k Friday, 444k Monday, 291k Tuesday. TLT flipped: 190k puts against 158k calls, after Monday’s 351k call open. Single stocks still took most of the new interest, below their own average.
US listed options
How Stocks, ETFs and Indices Changed, vs Average Daily Change
Put/call of contracts opened, with the five-day mark. Today versus the prior five sessions.
Put/call = puts opened ÷ calls opened. Opened means contracts that gained open interest, study to settle. The gold mark is that same ratio over the prior five sessions (puts opened in the window ÷ calls opened in the window). Scale is log 0.5–2.0; 1.0 is an even split. Above 1.0 sits left (put-heavy).
vs ADV = contracts opened today ÷ the mean opened over those five sessions. Scale is log 0.5–2.0; 1.0 is the usual size.
FZN Analytics · settled open interest, 18–19 Aug 2026 · ADV window 11–17 Aug
Just under three in five contracts opened on Tuesday were single stocks (58 percent). That is where the book sat: not in the index complex, which printed 1.13 million, 9 percent of the day, after Friday’s 2.10 million.
The exception on the figure is exchange-traded funds, the only class where puts outran calls — 2.47M against 2.02M. They have on 18 of the last 20 sessions. Stocks opened calls on all 20. That shape is the standing book, not a hedge that arrived on the second down day.
US single stocks · by sector
How each sector changed, vs average daily change
Put/call of contracts opened, with the five-day mark. Today versus the prior five sessions.
Put/call = puts opened ÷ calls opened. Opened means contracts that gained open interest, study to settle. The gold mark is that same ratio over the prior five sessions (puts opened in the window ÷ calls opened in the window). Scale is log 0.5–2.0; 1.0 is an even split. Above 1.0 sits left (put-heavy).
vs ADV = contracts opened today ÷ the mean opened over those five sessions. Scale is log 0.5–2.0; 1.0 is the usual size.
FZN Analytics · settled open interest, 18–19 Aug 2026 · common stock and ADRs · ADV window 11–17 Aug
Utilities opened 1.56× its 5-day ADV. Energy 1.33×. Technology was 0.87× — the large book was below its usual size. Utilities was the only put-heavy open, put/call 1.05×, against a five-day book that was 1.5-to-1 calls.
the volatility complex, every day
Of the 278k VIX calls added net, 119k landed in the 16 September expiry. November took 92k, ahead of October. The Wednesday 26 August book — the new front, seven days out — added 12k calls. Monday’s 19 August weekly is off the board; it settled this morning.
Which expiry took the flow
Change in open interest by expiry, with at-the-money implied volatility. Each expiry prices off its own future.
The standing call book is still the 20 / 25 / 30 / 35 ladder. Tuesday built onto 20, not Monday’s 24. The 20 call added 29k across the curve, onto a standing 476k. The 24s, which had taken 182k on Monday, added 6.1k. The 65s added 23k — a far upside print, not the strike the ladder is built on. The September 20 call’s tape is 73 percent multi-leg, so the side is not claimed.
What the change built onto
Contracts outstanding — pale is Tuesday's open, solid is what the session added.
Open interest change is the 19 August settlement minus the 18 August bucket. Opened, in the paragraph, means contracts that gained open interest.
A VIX option prices off the future for its own expiry, not spot VIX. 19 August was VIX settlement Wednesday — not Friday's equity OPEX. Implied vol is the median over a tight at-the-money band (delta 0.4–0.6) on Tuesday's tape, 13:30–20:57 UTC. VIX option IV is vol-of-vol; it prints near 150 percent, not 15.
FZN Analytics · settled open interest, 18–19 Aug 2026 · VIX + VIXW · $1 strikes on the ladder
Two cuts. Tuesday versus each name’s own five-day average — INDA 27.3×, TJX 8.4×, BP 8.3×. And a three-day run after a quiet book, which the five-day average hides: Baidu 49k / 37k / 72k against an 12k median; Amer Sports 56k / 16k / 59k against 2.1k a day. A package (TLT, GLD, EEM) stays off the figure.
open interest · by name
Contracts opened 18 August versus each name’s five-day average
A reading of 1× is that name’s usual day. Colour is put or call of the contracts that opened. INDA is 27.3×; the bar is capped at 8×.
Multiple = contracts that gained open interest, 18 August to the 19 August settlement, divided by the mean of that same measure over the prior five sessions (11–17 Aug). Scale is linear 0–8; INDA is off-scale at 27.3×. Colour is puts opened ÷ calls opened. Option-volume ADV ≥ 5k, standing OI ≥ 10k, at least 8k opened, not a package.
FZN Analytics · settled open interest, 18–19 Aug 2026 · ADV window 11–17 Aug · proposal, not locked
open interest · by name
Three-day run after a quiet book
Each of the last three sessions opened at least twice the median of the ten sessions before that. Tuesday versus the five-day average looks quiet because the average is the run.
| Name | Quiet median | Fri 14 · Mon 17 · Tue 18 | vs 5-day ADV |
|---|---|---|---|
| KEEL · Keel Infrastructure | 15k | 55k · 40k · 56k | 2.03× |
| BIDU · Baidu | 12k | 49k · 37k · 72k | 3.24× |
| EYPT · EyePoint Pharmaceuticals, | 3.9k | 22k · 12k · 10k | 1.12× |
| AS · Amer Sports, | 2.1k | 56k · 16k · 59k | 2.49× |
| MPC · Marathon Petroleum | 1.1k | 5.5k · 2.5k · 4.0k | 1.34× |
| PAGP · Plains GP Holdings LP | 1.1k | 10k · 8.2k · 4.2k | 0.72× |
| SNDQ · SNDQ | 1.1k | 2.3k · 6.1k · 2.5k | 0.88× |
| OTLK · Outlook Therapeutics, | 874 | 4.6k · 3.9k · 2.2k | 0.79× |
| STNE · StoneCo Ltd | 608 | 4.5k · 2.3k · 1.8k | 0.36× |
| BZAI · Blaize Holdings | 493 | 5.4k · 1.9k · 1.2k | 0.70× |
| BORR · Borr Drilling Limited | 368 | 3.6k · 2.4k · 1.4k | 0.37× |
| QMCO · Quantum | 114 | 4.6k · 564 · 329 | 0.09× |
Quiet median is the median of contracts opened over the ten sessions before the three-day run, same two-bucket query, first eod pair (17 July) excluded.
FZN Analytics · settled open interest, 18–19 Aug 2026 · proposal, not locked
INDA · iShares MSCI India ETF
Tuesday versus its own five-day average
27.3× its own five-day average — 9.9k opened, put-heavy.
INDA open interest change by expiry
Change in open interest by expiry, 18 August. At-the-money implied vol, tape truncated, 13:30–19:29 UTC.
FZN Analytics · settled open interest, 18–19 Aug 2026 · INDA
INDA contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · INDA
TJX · The TJX Companies, Inc
Tuesday versus its own five-day average
8.4× its own five-day average — 40k opened, call-heavy.
TJX open interest change by expiry
Change in open interest by expiry, 18 August. At-the-money implied vol, tape truncated, 13:30–19:59 UTC.
FZN Analytics · settled open interest, 18–19 Aug 2026 · TJX
TJX contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · TJX
BP · BP p.l.c
Tuesday versus its own five-day average
8.3× its own five-day average — 27k opened, call-heavy.
BP open interest change by expiry
Change in open interest by expiry, 18 August. At-the-money implied vol, tape truncated, 13:30–19:59 UTC.
FZN Analytics · settled open interest, 18–19 Aug 2026 · BP
BP contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · BP
GTM · ZoomInfo Technologies Inc
Tuesday versus its own five-day average
5.8× its own five-day average — 28k opened, put-heavy.
GTM open interest change by expiry
Change in open interest by expiry, 18 August.
FZN Analytics · settled open interest, 18–19 Aug 2026 · GTM
GTM contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · GTM
TRIP · Tripadvisor, Inc
Tuesday versus its own five-day average
4.7× its own five-day average — 11k opened, put-heavy.
TRIP open interest change by expiry
Change in open interest by expiry, 18 August. At-the-money implied vol, tape truncated, 13:30–19:58 UTC.
FZN Analytics · settled open interest, 18–19 Aug 2026 · TRIP
TRIP contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · TRIP
CVX · Chevron Corporation
Tuesday versus its own five-day average
4.3× its own five-day average — 49k opened, call-heavy.
CVX open interest change by expiry
Change in open interest by expiry, 18 August. At-the-money implied vol, tape truncated, 13:30–19:59 UTC.
FZN Analytics · settled open interest, 18–19 Aug 2026 · CVX
CVX contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · CVX
CRML · Critical Metals Corp
Tuesday versus its own five-day average
4.3× its own five-day average — 15k opened, call-heavy.
CRML open interest change by expiry
Change in open interest by expiry, 18 August. At-the-money implied vol, 13:30–20:02 UTC.
FZN Analytics · settled open interest, 18–19 Aug 2026 · CRML
CRML contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · CRML
CVNA · Carvana Co
Tuesday versus its own five-day average
4.2× its own five-day average — 75k opened, put-heavy.
CVNA open interest change by expiry
Change in open interest by expiry, 18 August. At-the-money implied vol, tape truncated, 13:31–19:59 UTC.
FZN Analytics · settled open interest, 18–19 Aug 2026 · CVNA
CVNA contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · CVNA
TGT · Target Corporation
Tuesday versus its own five-day average
4.2× its own five-day average — 36k opened, put-heavy.
TGT open interest change by expiry
Change in open interest by expiry, 18 August. At-the-money implied vol, 13:32–20:00 UTC.
FZN Analytics · settled open interest, 18–19 Aug 2026 · TGT
TGT contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · TGT
AUR · Aurora Innovation, Inc
Tuesday versus its own five-day average
4.1× its own five-day average — 10k opened, call-heavy.
AUR open interest change by expiry
Change in open interest by expiry, 18 August. At-the-money implied vol, tape truncated, 13:30–19:59 UTC.
FZN Analytics · settled open interest, 18–19 Aug 2026 · AUR
AUR contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · AUR
KEEL · Keel Infrastructure Corp
3-day run after a quiet book
Three-day run after a quiet book: 55k / 40k / 56k against a 15k median. Tuesday is 2.03× the 5-day ADV because that window is the run.
KEEL open interest change by expiry
Change in open interest by expiry, 18 August. At-the-money implied vol, tape truncated, 13:30–19:59 UTC.
FZN Analytics · settled open interest, 18–19 Aug 2026 · KEEL
KEEL contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · KEEL
BIDU · Baidu, Inc
3-day run after a quiet book
Three-day run after a quiet book: 49k / 37k / 72k against a 12k median. Tuesday is 3.24× the 5-day ADV because that window is the run.
BIDU open interest change by expiry
Change in open interest by expiry, 18 August. At-the-money implied vol, 13:30–20:00 UTC.
FZN Analytics · settled open interest, 18–19 Aug 2026 · BIDU
BIDU contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · BIDU
EYPT · EyePoint Pharmaceuticals, Inc
3-day run after a quiet book
Three-day run after a quiet book: 22k / 12k / 10k against a 3.9k median. Tuesday is 1.12× the 5-day ADV because that window is the run.
EYPT open interest change by expiry
Change in open interest by expiry, 18 August. At-the-money implied vol, tape truncated, 13:30–19:59 UTC.
FZN Analytics · settled open interest, 18–19 Aug 2026 · EYPT
EYPT contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · EYPT
AS · Amer Sports, Inc
3-day run after a quiet book
Three-day run after a quiet book: 56k / 16k / 59k against a 2.1k median. Tuesday is 2.49× the 5-day ADV because that window is the run.
AS open interest change by expiry
Change in open interest by expiry, 18 August. At-the-money implied vol, tape truncated, 13:30–19:59 UTC.
FZN Analytics · settled open interest, 18–19 Aug 2026 · AS
AS contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · AS
MPC · Marathon Petroleum Corporation
3-day run after a quiet book
Three-day run after a quiet book: 5.5k / 2.5k / 4.0k against a 1.1k median. Tuesday is 1.34× the 5-day ADV because that window is the run.
MPC open interest change by expiry
Change in open interest by expiry, 18 August. At-the-money implied vol, tape truncated, 13:30–19:59 UTC.
FZN Analytics · settled open interest, 18–19 Aug 2026 · MPC
MPC contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · MPC
PAGP · Plains GP Holdings LP
3-day run after a quiet book
Three-day run after a quiet book: 10k / 8.2k / 4.2k against a 1.1k median. Tuesday is 0.72× the 5-day ADV because that window is the run.
PAGP open interest change by expiry
Change in open interest by expiry, 18 August. At-the-money implied vol, tape truncated, 13:30–19:56 UTC.
FZN Analytics · settled open interest, 18–19 Aug 2026 · PAGP
PAGP contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · PAGP
SNDQ · SNDQ
3-day run after a quiet book
Three-day run after a quiet book: 2.3k / 6.1k / 2.5k against a 1.1k median. Tuesday is 0.88× the 5-day ADV because that window is the run.
SNDQ open interest change by expiry
Change in open interest by expiry, 18 August. At-the-money implied vol, tape truncated, 13:30–19:59 UTC.
FZN Analytics · settled open interest, 18–19 Aug 2026 · SNDQ
SNDQ contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · SNDQ
OTLK · Outlook Therapeutics, Inc
3-day run after a quiet book
Three-day run after a quiet book: 4.6k / 3.9k / 2.2k against a 874 median. Tuesday is 0.79× the 5-day ADV because that window is the run.
OTLK open interest change by expiry
Change in open interest by expiry, 18 August.
FZN Analytics · settled open interest, 18–19 Aug 2026 · OTLK
OTLK contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · OTLK
STNE · StoneCo Ltd
3-day run after a quiet book
Three-day run after a quiet book: 4.5k / 2.3k / 1.8k against a 608 median. Tuesday is 0.36× the 5-day ADV because that window is the run.
STNE open interest change by expiry
Change in open interest by expiry, 18 August. At-the-money implied vol, tape truncated, 13:30–19:58 UTC.
FZN Analytics · settled open interest, 18–19 Aug 2026 · STNE
STNE contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · STNE
BZAI · Blaize Holdings Inc
3-day run after a quiet book
Three-day run after a quiet book: 5.4k / 1.9k / 1.2k against a 493 median. Tuesday is 0.70× the 5-day ADV because that window is the run.
BZAI open interest change by expiry
Change in open interest by expiry, 18 August.
FZN Analytics · settled open interest, 18–19 Aug 2026 · BZAI
BZAI contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · BZAI
BORR · Borr Drilling Limited
3-day run after a quiet book
Three-day run after a quiet book: 3.6k / 2.4k / 1.4k against a 368 median. Tuesday is 0.37× the 5-day ADV because that window is the run.
BORR open interest change by expiry
Change in open interest by expiry, 18 August. At-the-money implied vol, tape truncated, 13:30–19:58 UTC.
FZN Analytics · settled open interest, 18–19 Aug 2026 · BORR
BORR contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · BORR
QMCO · Quantum Corporation
3-day run after a quiet book
Three-day run after a quiet book: 4.6k / 564 / 329 against a 114 median. Tuesday is 0.09× the 5-day ADV because that window is the run.
QMCO open interest change by expiry
Change in open interest by expiry, 18 August. At-the-money implied vol, tape truncated, 13:30–19:59 UTC.
FZN Analytics · settled open interest, 18–19 Aug 2026 · QMCO
QMCO contracts outstanding by strike
Pale is Tuesday’s open, solid is what the session added.
FZN Analytics · settled open interest, 18–19 Aug 2026 · QMCO