CNP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $40.63.

Put/Call (OI)

0.22

4k P / 21k C

Put/Call (Volume)

0.12

104 P / 868 C today

30d ATM IV

19%

annualized implied move

Call wall

$42

6k contracts

Put wall

$39

811 contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.22 puts per call outstanding.
●Call wall at $42 (6k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $39 (811 contracts), 4% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 12.8× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 19% — 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	9k	2k	0.22	97
2026-09-18	5k	1k	0.21	52
2026-11-20	751	414	0.55	108
2026-12-18	1k	357	0.27	702
2027-01-15	928	505	0.54	4
2027-02-19	57	1	0.02	0
2027-12-17	3k	76	0.02	9
2028-01-21	433	84	0.19	0

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