CL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $90.21.

Put/Call (OI)

0.59

30k P / 51k C

Put/Call (Volume)

0.46

763 P / 2k C today

30d ATM IV

22%

annualized implied move

Call wall

$100

11k contracts

Put wall

$80

7k contracts

Tail hedging

0.7×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.59 puts per call outstanding.
●Call wall at $100 (11k contracts), 11% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $80 (7k contracts), 11% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 22% — 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	10k	3k	0.30	678
2026-08-28	494	589	1.19	101
2026-09-04	169	75	0.44	45
2026-09-11	43	32	0.74	26
2026-09-18	11k	10k	0.87	874
2026-09-25	32	69	2.16	34
2026-10-02	4	9	2.25	209
2026-11-20	3k	874	0.26	59
2026-12-18	3k	3k	0.77	202
2027-01-15	9k	8k	0.87	135
2027-02-19	146	403	2.76	2
2027-03-19	9k	1k	0.12	8
2027-06-17	728	1k	1.45	15
2028-01-21	3k	2k	0.82	26

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