CRM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-17. Spot $190.46.

Put/Call (OI)

0.80

431k P / 540k C

Put/Call (Volume)

1.33

30k P / 23k C today

30d ATM IV

49%

annualized implied move

Call wall

$200

51k contracts

Put wall

$165

59k contracts

Tail hedging

0.9×

deep-OTM puts vs calls

What the positioning says

●Call wall at $200 (51k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $165 (59k contracts), 13% 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	130k	68k	0.52	27k
2026-08-28	12k	14k	1.10	5k
2026-09-04	4k	3k	0.68	2k
2026-09-11	3k	3k	0.74	544
2026-09-18	132k	120k	0.91	10k
2026-09-25	656	956	1.46	247
2026-10-02	114	36	0.32	292
2026-10-16	15k	16k	1.07	2k
2026-11-20	19k	14k	0.75	455
2026-12-18	48k	30k	0.62	1k
2027-01-15	79k	71k	0.90	2k
2027-02-19	1k	2k	1.81	571
2027-03-19	12k	14k	1.12	189
2027-06-17	32k	27k	0.86	354
2027-09-17	5k	5k	1.07	168
2027-12-17	12k	13k	1.04	134
2028-01-21	32k	27k	0.83	677
2028-12-15	1k	2k	2.24	179

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