CP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $93.92.

Put/Call (OI)

0.32

8k P / 25k C

Put/Call (Volume)

0.13

25 P / 189 C today

30d ATM IV

21%

annualized implied move

Call wall

$95

6k contracts

Put wall

$85

1k contracts

Tail hedging

7.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.32 puts per call outstanding.
●Call wall at $95 (6k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $85 (1k contracts), 9% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 7.2× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 21% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	1k	1k	1.19	33
2026-09-18	13k	2k	0.19	73
2026-10-16	36	30	0.83	7
2026-11-20	582	208	0.36	13
2026-12-18	3k	921	0.32	0
2027-01-15	7k	3k	0.42	77
2027-03-19	105	20	0.19	2
2027-12-17	543	170	0.31	9

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