CPAY Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $407.62.

Put/Call (OI)

0.63

1k P / 2k C

Put/Call (Volume)

0.05

1 P / 22 C today

30d ATM IV

27%

annualized implied move

Call wall

$560

226 contracts

Put wall

$350

414 contracts

Tail hedging

1.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.63 puts per call outstanding.
●Call wall at $560 (226 contracts), 37% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $350 (414 contracts), 14% 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 2026-09-18. 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	801	804	1.00	8
2026-09-18	44	244	5.55	3
2026-11-20	212	118	0.56	1
2027-01-15	686	158	0.23	7
2027-02-19	366	0	0.00	4

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