CBOE Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $295.

Put/Call (OI)

0.64

20k P / 31k C

Put/Call (Volume)

4.25

1k P / 282 C today

30d ATM IV

34%

annualized implied move

Call wall

$300

3k contracts

Put wall

$280

2k contracts

Tail hedging

0.7×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.64 puts per call outstanding.
●Call wall at $300 (3k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $280 (2k contracts), 5% 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	4k	4k	1.04	282
2026-08-28	585	448	0.77	85
2026-09-04	168	94	0.56	9
2026-09-11	62	41	0.66	31
2026-09-18	5k	6k	1.02	559
2026-09-25	36	117	3.25	8
2026-10-02	8	7	0.88	432
2026-12-18	2k	3k	1.11	19
2027-01-15	10k	3k	0.36	13
2027-03-19	822	442	0.54	28
2027-06-17	2k	1k	0.88	8
2028-01-21	5k	1k	0.22	1
2028-06-16	944	236	0.25	2
2028-12-15	612	331	0.54	4

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