CHRW Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $144.78.

Put/Call (OI)

0.41

16k P / 38k C

Put/Call (Volume)

0.14

240 P / 2k C today

30d ATM IV

33%

annualized implied move

Call wall

$170

4k contracts

Put wall

$110

3k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.41 puts per call outstanding.
●Call wall at $170 (4k contracts), 17% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $110 (3k contracts), 24% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.7× deep-OTM put OI — speculative upside positioning dominates the tails.

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	6k	6k	0.88	132
2026-09-18	3k	3k	1.20	1k
2026-11-20	6k	476	0.09	202
2027-01-15	16k	4k	0.26	181
2027-02-19	1k	105	0.08	8
2027-04-16	2	1	0.50	0
2027-07-16	0	115	—	1
2027-10-15	0	0	—	20
2028-01-21	6k	2k	0.28	1

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