CF Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $117.78.

Put/Call (OI)

0.92

45k P / 49k C

Put/Call (Volume)

0.20

963 P / 5k C today

30d ATM IV

36%

annualized implied move

Call wall

$130

6k contracts

Put wall

$92.5

6k contracts

Tail hedging

1.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $130 (6k contracts), 10% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $92.5 (6k 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	9k	11k	1.26	517
2026-08-28	846	468	0.55	149
2026-09-04	404	155	0.38	184
2026-09-11	413	79	0.19	584
2026-09-18	11k	11k	1.01	1k
2026-09-25	36	10	0.28	402
2026-10-02	2	25	12.50	8
2026-10-16	928	3k	3.76	204
2026-11-20	7k	2k	0.30	96
2026-12-18	3k	1k	0.30	64
2027-01-15	11k	10k	0.87	2k
2027-02-19	240	42	0.17	1
2027-03-19	1k	1k	1.25	2
2027-06-17	157	188	1.20	9
2028-01-21	3k	4k	1.12	86

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