CLH Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $326.05.

Put/Call (OI)

1.23

970 P / 789 C

Put/Call (Volume)

0.04

1 P / 24 C today

30d ATM IV

22%

annualized implied move

Call wall

$340

137 contracts

Put wall

$300

251 contracts

Tail hedging

19.4×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.23 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $340 (137 contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $300 (251 contracts), 8% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 19.4× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●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	226	254	1.12	2
2026-09-18	184	306	1.66	10
2026-10-16	272	286	1.05	8
2027-01-15	107	124	1.16	5

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