COP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $129.7.

Put/Call (OI)

0.86

136k P / 159k C

Put/Call (Volume)

1.08

6k P / 6k C today

30d ATM IV

29%

annualized implied move

Call wall

$130

21k contracts

Put wall

$95

14k contracts

Tail hedging

3.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $130 (21k contracts), 0% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $95 (14k contracts), 27% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.7× 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	19k	19k	1.00	2k
2026-08-28	1k	3k	1.90	4k
2026-09-04	2k	286	0.16	451
2026-09-11	918	719	0.78	213
2026-09-18	30k	23k	0.78	1k
2026-09-25	334	248	0.74	331
2026-10-02	95	13	0.14	64
2026-10-16	6k	4k	0.64	657
2026-11-20	17k	7k	0.41	970
2026-12-18	26k	20k	0.77	551
2027-01-15	35k	36k	1.01	412
2027-02-19	627	306	0.49	35
2027-03-19	3k	5k	1.81	38
2027-06-17	7k	6k	0.93	262
2027-12-17	5k	6k	1.18	355
2028-01-21	4k	5k	1.38	126
2028-12-15	4k	2k	0.42	262

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