AWK Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $134.2.

Put/Call (OI)

0.73

8k P / 11k C

Put/Call (Volume)

1.85

264 P / 143 C today

30d ATM IV

21%

annualized implied move

Call wall

$140

3k contracts

Put wall

$125

1k contracts

Tail hedging

2.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $140 (3k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $125 (1k contracts), 7% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.3× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 21% — 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	3k	2k	0.81	71
2026-09-18	7k	4k	0.60	188
2026-12-18	979	1k	1.25	70
2027-03-19	223	279	1.25	78

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