CLS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $341.39.

Put/Call (OI)

0.68

46k P / 69k C

Put/Call (Volume)

0.78

4k P / 5k C today

30d ATM IV

63%

annualized implied move

Call wall

$400

5k contracts

Put wall

$300

4k contracts

Tail hedging

0.9×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.68 puts per call outstanding.
●Call wall at $400 (5k contracts), 17% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $300 (4k contracts), 12% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 63% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	19k	9k	0.46	3k
2026-08-28	4k	3k	0.68	647
2026-09-04	1k	2k	1.67	277
2026-09-11	771	2k	2.18	189
2026-09-18	10k	9k	0.89	2k
2026-09-25	241	594	2.46	571
2026-10-02	11	13	1.18	50
2026-10-16	4k	2k	0.45	250
2026-11-20	2k	1k	0.74	2k
2026-12-18	7k	2k	0.33	398
2027-01-15	14k	11k	0.77	160
2027-02-19	612	2k	2.57	11
2027-03-19	1k	1k	1.14	47
2027-05-21	996	843	0.85	24
2027-06-17	357	385	1.08	23
2027-08-20	937	330	0.35	9
2027-11-19	791	137	0.17	8
2028-01-21	3k	2k	0.58	49

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