BMO Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $185.28.

Put/Call (OI)

1.27

12k P / 10k C

Put/Call (Volume)

0.63

123 P / 194 C today

30d ATM IV

21%

annualized implied move

Call wall

$195

2k contracts

Put wall

$130

3k contracts

Tail hedging

34.5×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.27 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $195 (2k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $130 (3k contracts), 30% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 34.5× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 21% — calm pricing; option premium is cheap.

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	2k	2k	1.31	83
2026-09-18	3k	5k	1.63	136
2026-10-16	105	80	0.76	5
2026-11-20	456	206	0.45	2
2026-12-18	2k	351	0.17	0
2027-01-15	2k	4k	2.09	87
2027-03-19	285	183	0.64	4

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