CCL Options Chain Analysis

As of previous close (2026-09-11) · OPRA historical data

Spot $22.8 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

1.24

630k P / 508k C

Put/Call (Volume)

0.42

10k P / 23k C that session

30d ATM IV

46%

annualized implied move

Call wall

$30

70k contracts

Put wall

$20

58k contracts

Tail hedging

0.5×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.24 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $30 (70k contracts), 32% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $20 (58k contracts), 12% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.2× deep-OTM put OI — speculative upside positioning dominates the tails.

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 2026-10-09. 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 that session
2026-09-18	115k	178k	1.54	10k
2026-09-25	9k	3k	0.40	3k
2026-10-02	6k	5k	0.83	1k
2026-10-09	3k	641	0.25	1k
2026-10-16	39k	38k	0.98	4k
2026-10-23	431	278	0.65	121
2026-10-30	0	7	—	83
2026-11-20	25k	50k	2.01	990
2026-12-18	89k	117k	1.32	2k
2027-01-15	123k	130k	1.06	3k
2027-03-19	12k	27k	2.19	270
2027-04-16	2k	2k	0.63	75
2027-06-17	19k	15k	0.77	469
2027-09-17	3k	11k	3.63	72
2027-12-17	16k	14k	0.89	137
2028-01-21	28k	34k	1.21	476

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.