COP Options Chain Analysis

As of previous close (2026-10-16) · OPRA historical data

Spot $146.11 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.72

130k P / 179k C

Put/Call (Volume)

0.25

6k P / 23k C that session

30d ATM IV

38%

annualized implied move

Call wall

$150

24k contracts

Put wall

$120

14k contracts

Tail hedging

10.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $150 (24k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $120 (14k contracts), 18% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 10.3× 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 2026-11-13. 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 that session
2026-10-23	3k	3k	0.97	3k
2026-10-30	3k	3k	0.84	947
2026-11-06	2k	1k	0.49	870
2026-11-13	370	277	0.75	186
2026-11-20	39k	12k	0.31	4k
2026-11-27	54	11	0.20	28
2026-12-18	30k	24k	0.79	6k
2027-01-15	43k	39k	0.90	1k
2027-02-19	2k	723	0.29	511
2027-03-19	6k	8k	1.35	2k
2027-05-21	209	143	0.68	53
2027-06-17	8k	10k	1.14	68
2027-09-17	1k	1k	0.97	40
2027-12-17	6k	7k	1.17	164
2028-01-21	5k	6k	1.05	166
2028-12-15	4k	3k	0.66	685
2029-01-19	592	394	0.67	134

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.