CNI Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $126.59.

Put/Call (OI)

0.34

4k P / 13k C

Put/Call (Volume)

1.14

136 P / 119 C today

30d ATM IV

25%

annualized implied move

Call wall

$135

2k contracts

Put wall

$120

596 contracts

Tail hedging

0.6×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.34 puts per call outstanding.
●Call wall at $135 (2k contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $120 (596 contracts), 5% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 25% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	2k	1k	0.62	27
2026-09-18	828	897	1.08	51
2026-10-16	8k	2k	0.23	153
2027-01-15	2k	429	0.21	24
2027-02-19	12	0	0.00	0
2027-03-19	16	25	1.56	0

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