BDC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $137.59.

Put/Call (OI)

0.24

1k P / 4k C

Put/Call (Volume)

0.98

61 P / 62 C today

30d ATM IV

38%

annualized implied move

Call wall

$140

472 contracts

Put wall

$125

169 contracts

Tail hedging

1.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.24 puts per call outstanding.
●Call wall at $140 (472 contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $125 (169 contracts), 9% 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	900	223	0.25	27
2026-09-18	2k	541	0.22	66
2026-12-18	903	206	0.23	28
2027-03-19	51	70	1.37	2

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