CME Options Chain Analysis

As of previous close (2026-10-12) · OPRA historical data

Spot $277.24 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

1.10

26k P / 24k C

Put/Call (Volume)

3.35

4k P / 1k C that session

30d ATM IV

28%

annualized implied move

Call wall

$300

3k contracts

Put wall

$270

3k contracts

Tail hedging

2.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $300 (3k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $270 (3k contracts), 3% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.3× 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 2026-11-13. 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 that session
2026-10-16	5k	4k	0.94	2k
2026-10-23	412	367	0.89	49
2026-10-30	198	223	1.13	81
2026-11-06	85	29	0.34	502
2026-11-13	74	9	0.12	1k
2026-11-20	1k	1k	0.81	1k
2026-11-27	12	4	0.33	35
2026-12-18	4k	6k	1.51	81
2027-01-15	6k	7k	1.12	13
2027-03-19	3k	4k	1.42	65
2027-06-17	523	857	1.64	12
2027-09-17	215	70	0.33	1
2028-01-21	3k	2k	0.69	135
2029-01-19	318	45	0.14	8

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.