CBRE Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $147.96.

Put/Call (OI)

0.37

10k P / 27k C

Put/Call (Volume)

0.15

56 P / 384 C today

30d ATM IV

31%

annualized implied move

Call wall

$150

14k contracts

Put wall

$115

2k contracts

Tail hedging

1.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.37 puts per call outstanding.
●Call wall at $150 (14k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $115 (2k contracts), 22% 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	6k	2k	0.37	85
2026-09-18	19k	6k	0.31	236
2026-12-18	272	339	1.25	104
2027-01-15	2k	2k	0.77	13
2027-03-19	106	53	0.50	2

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