COF Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $221.45.

Put/Call (OI)

0.96

71k P / 74k C

Put/Call (Volume)

1.70

3k P / 2k C today

30d ATM IV

25%

annualized implied move

Call wall

$230

11k contracts

Put wall

$195

10k contracts

Tail hedging

2.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $230 (11k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $195 (10k contracts), 12% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.7× 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.

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	10k	9k	0.88	1k
2026-08-28	913	806	0.88	178
2026-09-04	455	159	0.35	150
2026-09-11	545	145	0.27	61
2026-09-18	24k	22k	0.91	538
2026-09-25	475	31	0.07	22
2026-10-02	69	23	0.33	114
2026-12-18	6k	9k	1.58	167
2027-01-15	17k	19k	1.07	345
2027-03-19	5k	3k	0.60	1k
2027-06-17	3k	5k	1.42	126
2028-01-21	4k	2k	0.64	48
2028-12-15	2k	885	0.45	102

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