BTI Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $55.81.

Put/Call (OI)

0.45

40k P / 89k C

Put/Call (Volume)

1.30

2k P / 1k C today

30d ATM IV

25%

annualized implied move

Call wall

$65

23k contracts

Put wall

$55

9k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.45 puts per call outstanding.
●Call wall at $65 (23k contracts), 16% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $55 (9k contracts), 1% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.1× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 25% — 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	10k	2k	0.21	302
2026-09-18	32k	11k	0.33	650
2026-12-18	9k	6k	0.71	779
2027-01-15	19k	14k	0.74	759
2027-03-19	2k	1k	0.55	239
2027-06-17	391	437	1.12	3
2027-07-16	3k	1k	0.43	167
2027-12-17	18	13	0.72	2
2028-01-21	13k	4k	0.32	113
2028-03-17	66	36	0.55	0
2028-07-21	307	119	0.39	43
2028-12-15	24	0	0.00	2

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