COKE Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $184.83.

Put/Call (OI)

2.39

6k P / 2k C

Put/Call (Volume)

0.57

49 P / 86 C today

30d ATM IV

33%

annualized implied move

Call wall

$190

473 contracts

Put wall

$175

1k contracts

Tail hedging

2.5×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 2.39 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $190 (473 contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $175 (1k contracts), 5% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.5× 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	530	5k	9.21	82
2026-09-18	1k	810	0.68	39
2026-12-18	724	221	0.31	12
2027-03-19	39	43	1.10	2

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