CPNG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $15.79.

Put/Call (OI)

0.24

135k P / 567k C

Put/Call (Volume)

0.26

12k P / 47k C today

30d ATM IV

42%

annualized implied move

Call wall

$25

88k contracts

Put wall

$15

35k contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.24 puts per call outstanding.
●Call wall at $25 (88k contracts), 58% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $15 (35k contracts), 5% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 14.1× deep-OTM put OI — speculative upside positioning dominates the tails.

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	99k	25k	0.26	17k
2026-08-28	1k	587	0.40	1k
2026-09-04	494	861	1.74	1k
2026-09-11	362	215	0.59	360
2026-09-18	106k	44k	0.41	7k
2026-09-25	350	27	0.08	182
2026-10-02	3	1	0.33	176
2026-11-20	32k	27k	0.86	28k
2026-12-18	17k	7k	0.43	160
2027-01-15	118k	20k	0.17	3k
2027-02-19	952	880	0.92	76
2027-03-19	100k	3k	0.03	162
2027-06-17	38k	151	0.00	158
2028-01-21	54k	6k	0.10	152

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