The VIX call book grew for a third session
OI 13.39M vs 14.35M 5-day ADV. 56 percent calls. SPX closed 7,642, down 0.9 percent from Wednesday. VIX rose 8 percent to 16.05.
SPY puts: 446k / 372k / 308k over the last three sessions. SPX puts 261k against 283k. VIX calls 291k / 337k / 410k. TLT opened 82k puts against 134k calls, after 179k calls the session before. Single stocks took 58 percent 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, 20–21 Aug 2026 · ADV window 13–19 Aug
Just under 58 percent of contracts opened on Thursday were single stocks. That is where the book sat: not in the index complex, which printed 1.18 million, 9 percent of the day.
The exception on the figure is exchange-traded funds, the only class where puts outran calls — 2.41M against 2.05M. They have on 4 of the last 5 sessions. Stocks opened calls on all 5. That shape is the standing book.
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). A mark on the right edge means the five-day put/call is below 0.5.
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, 20–21 Aug 2026 · ADV window 13–19 Aug · common stock and ADRs
Consumer Defensive opened 1.52× its 5-day ADV. Materials 1.17×. Technology was 0.78× — the large book was below its usual size.
the volatility complex, every day
Of the 0.33M VIX calls added net, 0.23M landed in the 16 September expiry. The front (26 August, 5d) added 23k calls.
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 ladder. The session’s largest add was the 20s, 60k calls onto a standing 0.52M.
What the change built onto
Contracts outstanding — pale is Thursday's open, solid is what the session added.
Open interest change is settle minus study. Opened, in the paragraph, means contracts that gained open interest.
A VIX option prices off the future for its own expiry, not spot VIX. Implied vol is the median over a tight at-the-money band (delta 0.4–0.6) on the study 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, 20–21 Aug 2026 · ADV window 13–19 Aug · VIX + VIXW
Two cuts. Thursday versus each name’s own five-day average — IOVA 5.1×, AGNC 3.8×. And a three-day run after a quiet book: ETHA 0.11M / 0.33M / 0.18M against a 41k median. A package (HYG, QXO, GDX) stays off the figure. Pre-earnings and earnings-day names are off the board (PDD, KSS, IREN, ROST).
open interest · by name
Contracts opened 20 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. The bar is capped at 8×; a reading off-scale is labelled.
Multiple = contracts that gained open interest, study to settle, divided by the mean of that same measure over the prior five sessions (13–19 Aug). Scale is linear 0–8. Colour is puts opened ÷ calls opened. Option-volume ADV ≥ 5k, standing OI ≥ 10k, at least 8k opened, not a package, not pre-earnings or earnings-day.
FZN Analytics · settled open interest, 20–21 Aug 2026 · ADV window 13–19 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.
| Name | Quiet median | Tue 18 · Wed 19 · Thu 20 | vs 5-day ADV |
|---|---|---|---|
| ETHA | 41k | 0.11M · 0.33M · 0.18M | 1.62× |
| KLAR | 5.5k | 27k · 15k · 12k | 0.71× |
| XOP | 5.1k | 15k · 18k · 22k | 2.40× |
| LUV | 3.7k | 9.7k · 7.9k · 11k | 1.86× |
| MSTX | 1.6k | 4.3k · 5.1k · 4.3k | 1.23× |
| VIK | 609 | 4.2k · 4.4k · 1.4k | 0.55× |
| IEP | 490 | 7.7k · 4.1k · 2.5k | 0.87× |
| UTHR | 484 | 2.5k · 16k · 3.0k | 0.28× |
| Q | 371 | 8.3k · 3.2k · 1.3k | 0.49× |
| AMTX | 84 | 984 · 581 · 248 | 0.70× |
| ASTL | 26 | 14k · 19k · 275 | 0.04× |
Quiet median is the median of contracts opened over the ten sessions before the three-day run, same two-bucket query.
FZN Analytics · settled open interest, 20–21 Aug 2026 · ADV window 13–19 Aug · proposal, not locked
IOVA · Iovance Biotherapeutics, Inc
Thursday versus its own five-day average
5.1× its own five-day average — 41k opened, put-heavy.
IOVA open interest change by expiry
Change in open interest by expiry, 20 August. At-the-money implied vol, tape truncated, 13:30–19:59 UTC.
FZN Analytics · settled open interest, 20–21 Aug 2026 · IOVA
IOVA contracts outstanding by strike
Pale is Thursday’s open, solid is what the session added.
FZN Analytics · settled open interest, 20–21 Aug 2026 · IOVA
AGNC · AGNC Investment Corp
Thursday versus its own five-day average
3.8× its own five-day average — 32k opened, call-heavy.
AGNC open interest change by expiry
Change in open interest by expiry, 20 August. At-the-money implied vol, tape truncated, 13:30–19:59 UTC.
FZN Analytics · settled open interest, 20–21 Aug 2026 · AGNC
AGNC contracts outstanding by strike
Pale is Thursday’s open, solid is what the session added.
FZN Analytics · settled open interest, 20–21 Aug 2026 · AGNC
ETHA · iShares Ethereum Trust ETF
3-day run after a quiet book
Three-day run after a quiet book: 0.11M / 0.33M / 0.18M against a 41k median.
ETHA open interest change by expiry
Change in open interest by expiry, 20 August. At-the-money implied vol, tape truncated, 13:30–19:59 UTC.
FZN Analytics · settled open interest, 20–21 Aug 2026 · ETHA
ETHA contracts outstanding by strike
Pale is Thursday’s open, solid is what the session added.
FZN Analytics · settled open interest, 20–21 Aug 2026 · ETHA
KLAR · Klarna Group plc
3-day run after a quiet book
Three-day run after a quiet book: 27k / 15k / 12k against a 5.5k median.
KLAR open interest change by expiry
Change in open interest by expiry, 20 August. At-the-money implied vol, tape truncated, 13:30–19:59 UTC.
FZN Analytics · settled open interest, 20–21 Aug 2026 · KLAR
KLAR contracts outstanding by strike
Pale is Thursday’s open, solid is what the session added.
FZN Analytics · settled open interest, 20–21 Aug 2026 · KLAR
XOP · State Street SPDR S&P Oil & Gas Exploration & Production ETF
3-day run after a quiet book
Three-day run after a quiet book: 15k / 18k / 22k against a 5.1k median.
XOP open interest change by expiry
Change in open interest by expiry, 20 August. At-the-money implied vol, 13:30–20:11 UTC.
FZN Analytics · settled open interest, 20–21 Aug 2026 · XOP
XOP contracts outstanding by strike
Pale is Thursday’s open, solid is what the session added.
FZN Analytics · settled open interest, 20–21 Aug 2026 · XOP
LUV · Southwest Airlines Co
3-day run after a quiet book
Three-day run after a quiet book: 9.7k / 7.9k / 11k against a 3.7k median.
LUV open interest change by expiry
Change in open interest by expiry, 20 August. At-the-money implied vol, tape truncated, 13:30–19:59 UTC.
FZN Analytics · settled open interest, 20–21 Aug 2026 · LUV
LUV contracts outstanding by strike
Pale is Thursday’s open, solid is what the session added.
FZN Analytics · settled open interest, 20–21 Aug 2026 · LUV
MSTX · Daily Target 2X Long MSTR ETF
3-day run after a quiet book
Three-day run after a quiet book: 4.3k / 5.1k / 4.3k against a 1.6k median.
MSTX open interest change by expiry
Change in open interest by expiry, 20 August. At-the-money implied vol, tape truncated, 13:30–19:59 UTC.
FZN Analytics · settled open interest, 20–21 Aug 2026 · MSTX
MSTX contracts outstanding by strike
Pale is Thursday’s open, solid is what the session added.
FZN Analytics · settled open interest, 20–21 Aug 2026 · MSTX
VIK · Viking Holdings Ltd
3-day run after a quiet book
Three-day run after a quiet book: 4.2k / 4.4k / 1.4k against a 609 median.
VIK open interest change by expiry
Change in open interest by expiry, 20 August. At-the-money implied vol, tape truncated, 13:30–19:59 UTC.
FZN Analytics · settled open interest, 20–21 Aug 2026 · VIK
VIK contracts outstanding by strike
Pale is Thursday’s open, solid is what the session added.
FZN Analytics · settled open interest, 20–21 Aug 2026 · VIK
IEP · Icahn Enterprises L.P
3-day run after a quiet book
Three-day run after a quiet book: 7.7k / 4.1k / 2.5k against a 490 median.
IEP open interest change by expiry
Change in open interest by expiry, 20 August. At-the-money implied vol, tape truncated, 13:30–19:59 UTC.
FZN Analytics · settled open interest, 20–21 Aug 2026 · IEP
IEP contracts outstanding by strike
Pale is Thursday’s open, solid is what the session added.
FZN Analytics · settled open interest, 20–21 Aug 2026 · IEP
UTHR · United Therapeutics Corporation
3-day run after a quiet book
Three-day run after a quiet book: 2.5k / 16k / 3.0k against a 484 median.
UTHR open interest change by expiry
Change in open interest by expiry, 20 August. At-the-money implied vol, tape truncated, 13:30–19:59 UTC.
FZN Analytics · settled open interest, 20–21 Aug 2026 · UTHR
UTHR contracts outstanding by strike
Pale is Thursday’s open, solid is what the session added.
FZN Analytics · settled open interest, 20–21 Aug 2026 · UTHR
Q · Qnity Electronics, Inc
3-day run after a quiet book
Three-day run after a quiet book: 8.3k / 3.2k / 1.3k against a 371 median.
Q open interest change by expiry
Change in open interest by expiry, 20 August. At-the-money implied vol, tape truncated, 13:30–19:57 UTC.
FZN Analytics · settled open interest, 20–21 Aug 2026 · Q
Q contracts outstanding by strike
Pale is Thursday’s open, solid is what the session added.
FZN Analytics · settled open interest, 20–21 Aug 2026 · Q
AMTX · Aemetis, Inc
3-day run after a quiet book
Three-day run after a quiet book: 984 / 581 / 248 against a 84 median.
AMTX open interest change by expiry
Change in open interest by expiry, 20 August.
FZN Analytics · settled open interest, 20–21 Aug 2026 · AMTX
AMTX contracts outstanding by strike
Pale is Thursday’s open, solid is what the session added.
FZN Analytics · settled open interest, 20–21 Aug 2026 · AMTX
ASTL · Algoma Steel Group Inc
3-day run after a quiet book
Three-day run after a quiet book: 14k / 19k / 275 against a 26 median.
ASTL open interest change by expiry
Change in open interest by expiry, 20 August.
FZN Analytics · settled open interest, 20–21 Aug 2026 · ASTL
ASTL contracts outstanding by strike
Pale is Thursday’s open, solid is what the session added.
FZN Analytics · settled open interest, 20–21 Aug 2026 · ASTL