BE Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-17. Spot $233.79.

Put/Call (OI)

1.06

545k P / 514k C

Put/Call (Volume)

0.74

46k P / 62k C today

30d ATM IV

94%

annualized implied move

Call wall

$350

35k contracts

Put wall

$130

47k contracts

Tail hedging

1.6×

deep-OTM puts vs calls

What the positioning says

●Call wall at $350 (35k contracts), 50% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $130 (47k contracts), 44% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 94% — the market prices very large moves; option premium is expensive.

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	145k	172k	1.18	58k
2026-08-28	12k	18k	1.56	14k
2026-09-04	7k	10k	1.47	4k
2026-09-11	2k	3k	1.56	2k
2026-09-18	101k	71k	0.71	18k
2026-09-25	2k	2k	0.88	871
2026-10-02	215	156	0.73	498
2026-10-16	42k	31k	0.75	2k
2026-11-20	18k	20k	1.15	2k
2026-12-18	20k	24k	1.22	1k
2027-01-15	94k	127k	1.35	2k
2027-02-19	4k	5k	1.34	584
2027-06-17	29k	22k	0.77	668
2028-01-21	29k	18k	0.63	999
2028-03-17	1k	6k	3.98	153
2028-06-16	8k	14k	1.73	2k

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