ADM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $81.55.

Put/Call (OI)

0.49

30k P / 60k C

Put/Call (Volume)

0.27

535 P / 2k C today

30d ATM IV

27%

annualized implied move

Call wall

$85

7k contracts

Put wall

$45

3k contracts

Tail hedging

1.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.49 puts per call outstanding.
●Call wall at $85 (7k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $45 (3k contracts), 45% 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	11k	4k	0.38	425
2026-09-18	11k	6k	0.52	760
2026-10-16	2k	818	0.44	764
2026-11-20	402	27	0.07	96
2026-12-18	7k	2k	0.33	70
2027-01-15	17k	11k	0.64	95
2027-03-19	3k	2k	0.60	67
2027-06-17	843	554	0.66	82
2028-01-21	8k	3k	0.38	140

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