CDNS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $317.51.

Put/Call (OI)

1.50

68k P / 45k C

Put/Call (Volume)

3.96

4k P / 890 C today

30d ATM IV

35%

annualized implied move

Call wall

$400

9k contracts

Put wall

$280

6k contracts

Tail hedging

0.7×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.50 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $400 (9k contracts), 26% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $280 (6k contracts), 12% 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	15k	27k	1.77	3k
2026-08-28	1k	5k	4.41	232
2026-09-04	730	866	1.19	127
2026-09-11	512	316	0.62	27
2026-09-18	11k	21k	1.87	341
2026-09-25	144	246	1.71	29
2026-10-02	87	19	0.22	16
2026-11-20	2k	2k	0.99	150
2026-12-18	1k	1k	0.89	319
2027-01-15	9k	8k	0.86	71
2027-02-19	255	361	1.42	59
2027-03-19	863	504	0.58	4
2027-06-17	474	826	1.74	6
2028-01-21	2k	932	0.43	42

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