C Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $138.51.

Put/Call (OI)

1.28

592k P / 462k C

Put/Call (Volume)

0.66

11k P / 17k C today

30d ATM IV

27%

annualized implied move

Call wall

$150

56k contracts

Put wall

$100

49k contracts

Tail hedging

6.0×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.28 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $150 (56k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $100 (49k contracts), 28% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 6.0× 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	69k	49k	0.71	14k
2026-08-28	7k	3k	0.48	2k
2026-09-04	2k	6k	3.09	650
2026-09-11	624	516	0.83	132
2026-09-18	52k	66k	1.28	4k
2026-09-25	392	305	0.78	491
2026-10-02	7	19	2.71	136
2026-10-16	25k	28k	1.12	2k
2026-11-20	19k	19k	1.01	709
2026-12-18	46k	102k	2.24	1k
2027-01-15	93k	176k	1.90	2k
2027-03-19	19k	18k	0.97	220
2027-06-17	68k	71k	1.05	550
2027-09-17	4k	2k	0.41	222
2028-01-21	36k	35k	0.98	57
2028-12-15	21k	15k	0.72	92

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