COHR Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $351.75.

Put/Call (OI)

1.29

139k P / 107k C

Put/Call (Volume)

0.87

17k P / 19k C today

30d ATM IV

81%

annualized implied move

Call wall

$400

8k contracts

Put wall

$300

10k contracts

Tail hedging

2.2×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.29 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $400 (8k contracts), 14% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $300 (10k contracts), 15% 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.
●30-day ATM implied volatility is 81% — the market prices very large moves; option premium is expensive.

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	28k	30k	1.08	19k
2026-08-28	5k	5k	1.02	4k
2026-09-04	2k	3k	1.25	965
2026-09-11	4k	3k	0.93	1k
2026-09-18	21k	26k	1.22	5k
2026-09-25	468	2k	3.65	551
2026-10-02	404	91	0.23	172
2026-10-16	10k	16k	1.67	1k
2026-11-20	7k	9k	1.34	2k
2027-01-15	17k	26k	1.54	1k
2027-03-19	4k	10k	2.28	1k
2027-12-17	4k	3k	0.87	119
2028-01-21	6k	6k	1.02	573

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