BURL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $336.85.

Put/Call (OI)

3.41

20k P / 6k C

Put/Call (Volume)

4.40

5k P / 1k C today

30d ATM IV

44%

annualized implied move

Call wall

$400

613 contracts

Put wall

$305

5k contracts

Tail hedging

3.0×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 3.41 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $400 (613 contracts), 19% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $305 (5k contracts), 9% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.0× 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	2k	2k	1.15	618
2026-08-28	188	290	1.54	95
2026-09-04	127	4k	30.04	1k
2026-09-11	110	1k	11.80	456
2026-09-18	1k	6k	4.21	283
2026-09-25	1	4k	3991.00	48
2026-10-02	0	35	—	4k
2026-10-16	137	260	1.90	16
2026-11-20	2	8	4.00	5
2026-12-18	805	453	0.56	0
2027-01-15	840	1k	1.51	1
2027-03-19	138	111	0.80	5
2028-01-21	155	355	2.29	9

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