CAH Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $236.1.

Put/Call (OI)

0.79

17k P / 22k C

Put/Call (Volume)

0.88

988 P / 1k C today

30d ATM IV

26%

annualized implied move

Call wall

$240

3k contracts

Put wall

$210

3k contracts

Tail hedging

2.9×

deep-OTM puts vs calls

What the positioning says

●Call wall at $240 (3k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $210 (3k contracts), 11% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.9× 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	4k	4k	0.94	427
2026-08-28	83	132	1.59	95
2026-09-04	589	274	0.47	216
2026-09-11	60	98	1.63	7
2026-09-18	4k	3k	0.67	1k
2026-09-25	79	156	1.97	22
2026-10-02	7	1	0.14	6
2026-12-18	2k	698	0.38	14
2027-01-15	7k	7k	1.03	68
2027-03-19	1k	580	0.56	4
2027-06-17	433	444	1.03	1
2028-01-21	2k	841	0.39	13

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