COP Options Chain Analysis

As of previous close (2026-10-02) · OPRA historical data

Spot $126.73 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.72

125k P / 173k C

Put/Call (Volume)

1.12

5k P / 4k C that session

30d ATM IV

31%

annualized implied move

Call wall

$150

23k contracts

Put wall

$120

12k contracts

Tail hedging

1.1×

deep-OTM puts vs calls

What the positioning says

●Call wall at $150 (23k contracts), 18% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $120 (12k contracts), 5% below spot — the hedge floor; often acts as support.

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 2026-10-30. 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
2026-10-09	3k	4k	1.21	1k
2026-10-16	21k	12k	0.55	3k
2026-10-23	2k	988	0.43	102
2026-10-30	2k	1k	0.89	278
2026-11-06	694	694	1.00	434
2026-11-13	5	41	8.20	1
2026-11-20	35k	11k	0.32	526
2026-12-18	29k	23k	0.81	859
2027-01-15	42k	37k	0.89	613
2027-02-19	1k	763	0.57	204
2027-03-19	6k	8k	1.34	133
2027-05-21	62	141	2.27	7
2027-06-17	8k	8k	0.98	709
2027-09-17	585	750	1.28	0
2027-12-17	6k	7k	1.19	8
2028-01-21	5k	5k	1.08	5
2028-12-15	4k	3k	0.62	0
2029-01-19	173	228	1.32	9

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.