CINF Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $171.06.

Put/Call (OI)

0.31

2k P / 8k C

Put/Call (Volume)

0.05

5 P / 97 C today

30d ATM IV

24%

annualized implied move

Call wall

$200

1k contracts

Put wall

$160

408 contracts

Tail hedging

0.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.31 puts per call outstanding.
●Call wall at $200 (1k contracts), 17% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $160 (408 contracts), 6% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 5.3× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 24% — calm pricing; option premium is cheap.

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	2k	1k	0.49	20
2026-09-18	3k	125	0.04	10
2026-11-20	1k	502	0.38	1
2026-12-18	666	337	0.51	36
2027-03-19	124	215	1.73	35

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