CIEN Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $451.

Put/Call (OI)

0.91

43k P / 47k C

Put/Call (Volume)

1.31

5k P / 4k C today

30d ATM IV

89%

annualized implied move

Call wall

$600

3k contracts

Put wall

$400

2k contracts

Tail hedging

1.1×

deep-OTM puts vs calls

What the positioning says

●Call wall at $600 (3k contracts), 33% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $400 (2k contracts), 11% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 89% — the market prices very large moves; option premium is expensive.

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	1.14	2k
2026-08-28	2k	3k	1.20	921
2026-09-04	1k	2k	1.53	650
2026-09-11	578	701	1.21	533
2026-09-18	2k	2k	0.84	2k
2026-09-25	146	245	1.68	131
2026-10-02	26	21	0.81	134
2026-10-16	7k	7k	0.97	305
2026-12-18	4k	4k	1.14	967
2027-01-15	7k	6k	0.84	332
2027-03-19	2k	2k	0.69	348
2027-06-17	2k	2k	0.95	235
2028-01-21	4k	2k	0.54	345
2028-06-16	2k	957	0.62	73
2028-12-15	3k	889	0.28	146

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