BEKE Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $16.85.

Put/Call (OI)

0.34

18k P / 52k C

Put/Call (Volume)

0.18

137 P / 744 C today

30d ATM IV

42%

annualized implied move

Call wall

$40

15k contracts

Put wall

$15

9k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.34 puts per call outstanding.
●Call wall at $40 (15k contracts), 137% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $15 (9k contracts), 11% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.6× deep-OTM put OI — speculative upside positioning dominates the tails.

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	2k	1.21	73
2026-08-28	308	147	0.48	764
2026-09-04	116	38	0.33	0
2026-09-11	86	17	0.20	5
2026-09-18	15k	2k	0.14	36
2026-09-25	13	13	1.00	0
2026-10-02	0	0	—	0
2026-10-16	3k	2k	0.75	2
2026-12-18	1k	741	0.50	0
2027-01-15	27k	9k	0.34	1
2028-01-21	4k	2k	0.46	0

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