CG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $48.54.

Put/Call (OI)

0.22

64k P / 293k C

Put/Call (Volume)

0.06

152 P / 3k C today

30d ATM IV

41%

annualized implied move

Call wall

$52.5

144k contracts

Put wall

$40

44k contracts

Tail hedging

2.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.22 puts per call outstanding.
●Call wall at $52.5 (144k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $40 (44k contracts), 18% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.1× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	89k	4k	0.04	1k
2026-09-18	179k	31k	0.18	2k
2026-12-18	4k	10k	2.66	19
2027-01-15	18k	11k	0.59	11
2027-03-19	508	391	0.77	0
2028-01-21	2k	7k	4.41	3

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