CNC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $64.41.

Put/Call (OI)

0.40

87k P / 217k C

Put/Call (Volume)

0.41

1k P / 3k C today

30d ATM IV

40%

annualized implied move

Call wall

$65

12k contracts

Put wall

$20

10k contracts

Tail hedging

1.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.40 puts per call outstanding.
●Call wall at $65 (12k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $20 (10k contracts), 69% 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	11k	7k	0.61	849
2026-08-28	1k	2k	1.03	195
2026-09-04	755	194	0.26	41
2026-09-11	117	92	0.79	65
2026-09-18	40k	24k	0.60	2k
2026-09-25	56	12	0.21	8
2026-10-02	0	2	—	1
2026-10-16	3k	3k	0.76	402
2026-11-20	230	42	0.18	29
2026-12-18	7k	7k	0.88	217
2027-01-15	132k	32k	0.25	526
2027-03-19	4k	4k	1.15	211
2027-06-17	3k	4k	1.31	195
2028-01-21	13k	4k	0.33	520

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