CEG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $278.25.

Put/Call (OI)

1.40

129k P / 92k C

Put/Call (Volume)

0.50

4k P / 7k C today

30d ATM IV

40%

annualized implied move

Call wall

$300

9k contracts

Put wall

$220

13k contracts

Tail hedging

1.6×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.40 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $300 (9k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $220 (13k contracts), 21% 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	22k	18k	0.84	5k
2026-08-28	1k	1k	1.16	746
2026-09-04	548	842	1.54	352
2026-09-11	568	492	0.87	94
2026-09-18	23k	26k	1.11	3k
2026-09-25	514	334	0.65	78
2026-10-02	38	36	0.95	346
2026-11-20	8k	16k	2.01	280
2026-12-18	8k	9k	1.17	864
2027-01-15	15k	24k	1.62	217
2027-02-19	315	532	1.69	19
2027-03-19	2k	7k	3.06	42
2027-06-17	5k	11k	2.13	115
2027-12-17	1k	3k	2.40	30
2028-01-21	5k	12k	2.22	47
2028-06-16	132	73	0.55	0
2028-12-15	106	328	3.09	17

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