CALM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $80.11.

Put/Call (OI)

0.94

13k P / 14k C

Put/Call (Volume)

0.32

182 P / 571 C today

30d ATM IV

26%

annualized implied move

Call wall

$90

3k contracts

Put wall

$80

5k contracts

Tail hedging

0.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $90 (3k contracts), 12% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $80 (5k contracts), 0% below spot — the hedge floor; often acts as support.

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	7k	11k	1.45	475
2026-09-18	2k	1k	0.72	130
2026-10-16	1k	595	0.53	48
2026-11-20	3k	799	0.30	77
2027-02-19	2k	300	0.19	23

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