CAT Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $887.

Put/Call (OI)

1.06

152k P / 144k C

Put/Call (Volume)

1.72

28k P / 16k C today

30d ATM IV

39%

annualized implied move

Call wall

$1,000

6k contracts

Put wall

$600

9k contracts

Tail hedging

1.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $1,000 (6k contracts), 13% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $600 (9k contracts), 32% 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.

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	31k	35k	1.14	13k
2026-08-28	4k	7k	1.62	15k
2026-09-04	3k	5k	1.67	2k
2026-09-11	1k	1k	1.10	973
2026-09-18	33k	38k	1.18	4k
2026-09-25	638	1k	1.71	481
2026-10-02	62	69	1.11	697
2026-10-16	8k	7k	0.96	3k
2026-11-20	5k	6k	1.22	1k
2026-12-18	7k	8k	1.14	752
2027-01-15	21k	20k	0.92	2k
2027-02-19	926	1k	1.34	179
2027-03-19	3k	3k	1.00	309
2027-06-17	8k	9k	1.13	317
2027-12-17	7k	3k	0.44	203
2028-01-21	12k	7k	0.63	589
2028-06-16	1k	1k	0.84	121

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