CRWV Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $105.47.

Put/Call (OI)

0.73

896k P / 1.2M C

Put/Call (Volume)

0.80

99k P / 124k C today

30d ATM IV

78%

annualized implied move

Call wall

$110

106k contracts

Put wall

$70

63k contracts

Tail hedging

1.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $110 (106k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $70 (63k contracts), 34% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 78% — 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	210k	149k	0.71	102k
2026-08-28	23k	16k	0.69	19k
2026-09-04	10k	23k	2.30	5k
2026-09-11	6k	6k	1.03	8k
2026-09-18	270k	129k	0.48	23k
2026-09-25	3k	4k	1.38	16k
2026-10-02	309	152	0.49	2k
2026-10-16	107k	72k	0.68	10k
2026-11-20	50k	41k	0.82	3k
2026-12-18	69k	72k	1.04	3k
2027-01-15	164k	139k	0.85	8k
2027-02-19	4k	4k	0.97	956
2027-03-19	27k	33k	1.23	3k
2027-06-17	32k	60k	1.90	4k
2027-09-17	17k	10k	0.62	296
2027-12-17	30k	22k	0.75	2k
2028-01-21	131k	50k	0.38	8k
2028-06-16	26k	20k	0.75	113
2028-12-15	55k	47k	0.86	8k

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