BKR Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $64.91.

Put/Call (OI)

0.80

36k P / 45k C

Put/Call (Volume)

5.46

4k P / 813 C today

30d ATM IV

31%

annualized implied move

Call wall

$65

10k contracts

Put wall

$60

10k contracts

Tail hedging

3.5×

deep-OTM puts vs calls

What the positioning says

●Call wall at $65 (10k contracts), 0% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $60 (10k contracts), 8% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.5× 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.

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	10k	8k	0.81	2k
2026-09-18	11k	10k	0.95	2k
2026-10-16	3k	2k	0.63	92
2026-12-18	9k	5k	0.52	347
2027-01-15	9k	8k	0.85	131
2027-03-19	642	2k	3.31	106
2027-06-17	411	543	1.32	20
2028-01-21	3k	1k	0.48	107

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