COST Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $952.78.

Put/Call (OI)

1.29

187k P / 145k C

Put/Call (Volume)

1.03

26k P / 25k C today

30d ATM IV

20%

annualized implied move

Call wall

$1,000

9k contracts

Put wall

$900

9k contracts

Tail hedging

1.5×

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 $1,000 (9k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $900 (9k contracts), 6% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 20% — calm pricing; option premium is cheap.

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	30k	38k	1.27	9k
2026-08-28	11k	28k	2.64	11k
2026-09-04	7k	10k	1.49	16k
2026-09-11	2k	12k	7.24	7k
2026-09-18	23k	32k	1.38	2k
2026-09-25	546	4k	6.82	3k
2026-10-02	28	117	4.18	264
2026-10-16	8k	9k	1.10	750
2026-11-20	5k	4k	0.89	268
2026-12-18	9k	10k	1.18	297
2027-01-15	21k	21k	0.98	313
2027-02-19	643	2k	2.82	47
2027-03-19	3k	4k	1.30	360
2027-06-17	3k	3k	0.93	118
2028-01-21	9k	6k	0.66	69
2028-06-16	7k	2k	0.29	46
2028-09-15	2k	470	0.30	0
2028-12-15	5k	3k	0.51	354

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