CIB Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $96.54.

Put/Call (OI)

0.48

754 P / 2k C

Put/Call (Volume)

0.00

0 P / 21 C today

30d ATM IV

34%

annualized implied move

Call wall

$105

129 contracts

Put wall

$75

215 contracts

Tail hedging

45.8×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.48 puts per call outstanding.
●Call wall at $105 (129 contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $75 (215 contracts), 22% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 45.8× 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	774	150	0.19	21
2026-09-18	252	208	0.83	0
2026-11-20	292	226	0.77	0
2026-12-18	218	112	0.51	0
2027-03-19	31	33	1.06	0
2027-04-16	17	25	1.47	0

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