CRWD Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $213.6.

Put/Call (OI)

0.96

645k P / 672k C

Put/Call (Volume)

0.78

21k P / 27k C today

30d ATM IV

61%

annualized implied move

Call wall

$250

13k contracts

Put wall

$125

26k contracts

Tail hedging

4.8×

deep-OTM puts vs calls

What the positioning says

●Call wall at $250 (13k contracts), 17% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $125 (26k contracts), 41% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.8× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 61% — the market prices very large moves; option premium is expensive.

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	110k	100k	0.91	16k
2026-08-28	8k	13k	1.56	4k
2026-09-04	4k	5k	1.24	3k
2026-09-11	2k	2k	1.16	1k
2026-09-18	87k	107k	1.23	5k
2026-09-25	1k	587	0.49	263
2026-10-02	178	148	0.83	529
2026-10-16	35k	35k	1.01	2k
2026-11-20	18k	19k	1.08	3k
2026-12-18	86k	89k	1.04	2k
2027-01-15	130k	135k	1.04	2k
2027-02-19	3k	835	0.30	655
2027-03-19	41k	29k	0.69	471
2027-06-17	37k	27k	0.72	2k
2027-12-17	31k	16k	0.51	3k
2028-01-21	34k	40k	1.18	613
2028-06-16	19k	8k	0.43	910
2028-12-15	26k	18k	0.70	3k

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