CMG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $33.65.

Put/Call (OI)

0.63

333k P / 526k C

Put/Call (Volume)

0.63

9k P / 14k C today

30d ATM IV

34%

annualized implied move

Call wall

$40

54k contracts

Put wall

$29

51k contracts

Tail hedging

0.5×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.63 puts per call outstanding.
●Call wall at $40 (54k contracts), 19% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $29 (51k contracts), 14% below spot — the hedge floor; often acts as support.

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	146k	43k	0.29	8k
2026-08-28	9k	3k	0.33	3k
2026-09-04	4k	13k	3.01	1k
2026-09-11	2k	42k	19.29	265
2026-09-18	102k	83k	0.81	8k
2026-09-25	3k	979	0.30	485
2026-10-02	209	474	2.27	197
2026-12-18	92k	39k	0.43	751
2027-01-15	118k	65k	0.55	577
2027-03-19	11k	10k	0.93	219
2027-06-17	12k	11k	0.95	984
2028-01-21	27k	23k	0.84	491

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