BCS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $27.8.

Put/Call (OI)

0.55

31k P / 56k C

Put/Call (Volume)

6.03

2k P / 282 C today

30d ATM IV

27%

annualized implied move

Call wall

$28

14k contracts

Put wall

$22

3k contracts

Tail hedging

3.7×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.55 puts per call outstanding.
●Call wall at $28 (14k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $22 (3k contracts), 21% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.7× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	21k	6k	0.29	44
2026-09-18	8k	7k	0.88	477
2026-10-16	2k	3k	1.66	1k
2026-12-18	2k	3k	1.49	40
2027-01-15	20k	10k	0.53	17
2027-03-19	361	25	0.07	20
2028-01-21	4k	1k	0.42	10

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