CM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $121.64.

Put/Call (OI)

0.92

12k P / 13k C

Put/Call (Volume)

0.23

68 P / 296 C today

30d ATM IV

26%

annualized implied move

Call wall

$125

3k contracts

Put wall

$95

5k contracts

Tail hedging

19.8×

deep-OTM puts vs calls

What the positioning says

●Call wall at $125 (3k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $95 (5k contracts), 22% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 19.8× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	3k	2k	0.66	51
2026-09-18	5k	6k	1.31	263
2026-10-16	83	1	0.01	2
2026-12-18	422	405	0.96	3
2027-01-15	2k	2k	0.95	3
2027-03-19	127	24	0.19	1
2028-01-21	2k	815	0.39	41

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