CME Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $267.77.

Put/Call (OI)

0.99

30k P / 31k C

Put/Call (Volume)

0.71

718 P / 1k C today

30d ATM IV

24%

annualized implied move

Call wall

$300

4k contracts

Put wall

$220

4k contracts

Tail hedging

2.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $300 (4k contracts), 12% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $220 (4k contracts), 18% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 24% — 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	8k	7k	0.94	766
2026-08-28	667	413	0.62	198
2026-09-04	213	280	1.31	40
2026-09-11	59	44	0.75	16
2026-09-18	7k	5k	0.65	258
2026-09-25	34	7	0.21	3
2026-10-02	0	2	—	4
2026-10-16	1k	2k	1.51	179
2026-11-20	6	17	2.83	31
2026-12-18	3k	6k	1.91	129
2027-01-15	5k	6k	1.15	45
2027-03-19	3k	3k	1.06	5
2027-06-17	273	321	1.18	5
2028-01-21	3k	978	0.37	55

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