CNQ Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $49.24.

Put/Call (OI)

0.38

38k P / 102k C

Put/Call (Volume)

0.24

483 P / 2k C today

30d ATM IV

29%

annualized implied move

Call wall

$50

27k contracts

Put wall

$30

10k contracts

Tail hedging

2.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.38 puts per call outstanding.
●Call wall at $50 (27k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $30 (10k contracts), 39% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.2× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	10k	4k	0.40	753
2026-08-28	368	776	2.11	190
2026-09-04	163	71	0.44	40
2026-09-11	62	36	0.58	20
2026-09-18	29k	8k	0.28	264
2026-09-25	289	83	0.29	55
2026-10-02	13	1	0.08	11
2026-10-16	455	221	0.49	14
2026-12-18	4k	1k	0.37	458
2027-01-15	52k	16k	0.31	626
2027-03-19	202	32	0.16	3
2028-01-21	5k	7k	1.52	62

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