CDE Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $19.4.

Put/Call (OI)

0.34

129k P / 385k C

Put/Call (Volume)

0.25

5k P / 19k C today

30d ATM IV

62%

annualized implied move

Call wall

$20

67k contracts

Put wall

$15

34k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.34 puts per call outstanding.
●Call wall at $20 (67k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $15 (34k contracts), 23% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.6× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 62% — the market prices very large moves; option premium is expensive.

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	76k	25k	0.33	9k
2026-08-28	9k	2k	0.23	1k
2026-09-04	4k	1k	0.39	664
2026-09-11	7k	581	0.08	571
2026-09-18	42k	23k	0.54	3k
2026-09-25	2k	336	0.16	298
2026-10-02	722	6	0.01	618
2026-11-20	44k	18k	0.42	3k
2026-12-18	20k	16k	0.79	2k
2027-01-15	118k	25k	0.21	1k
2027-02-19	2k	584	0.31	419
2027-03-19	2k	347	0.15	30
2027-06-17	2k	268	0.11	1k
2027-09-17	8k	6k	0.72	1k
2028-01-21	49k	11k	0.23	254

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