CDW Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $135.3.

Put/Call (OI)

0.67

12k P / 17k C

Put/Call (Volume)

2.67

419 P / 157 C today

30d ATM IV

39%

annualized implied move

Call wall

$160

3k contracts

Put wall

$115

3k contracts

Tail hedging

0.8×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.67 puts per call outstanding.
●Call wall at $160 (3k contracts), 18% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $115 (3k contracts), 15% 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	5k	3k	0.71	126
2026-09-18	7k	2k	0.36	82
2026-10-16	1k	1k	1.39	100
2026-12-18	5k	4k	0.95	238
2027-03-19	377	39	0.10	30

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