BCE Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $23.35.

Put/Call (OI)

1.39

26k P / 18k C

Put/Call (Volume)

0.00

0 P / 22 C today

30d ATM IV

16%

annualized implied move

Call wall

$25

7k contracts

Put wall

$20

16k contracts

Tail hedging

2.5×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.39 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $25 (7k contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $20 (16k contracts), 14% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.5× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 16% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	1k	6k	5.73	3
2026-09-18	1k	16k	12.33	9
2026-10-16	21	144	6.86	6
2026-12-18	975	490	0.50	0
2027-01-15	12k	2k	0.19	0
2027-03-19	46	49	1.07	1
2028-01-21	3k	478	0.15	3

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