CSX Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $50.58.

Put/Call (OI)

0.93

115k P / 124k C

Put/Call (Volume)

1.24

5k P / 4k C today

30d ATM IV

22%

annualized implied move

Call wall

$55

17k contracts

Put wall

$32.5

19k contracts

Tail hedging

4.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $55 (17k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $32.5 (19k contracts), 36% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.3× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 22% — calm pricing; option premium is cheap.

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	26k	19k	0.73	1k
2026-08-28	2k	10k	6.37	138
2026-09-04	633	481	0.76	36
2026-09-11	431	128	0.30	31
2026-09-18	22k	16k	0.72	3k
2026-09-25	9	162	18.00	110
2026-10-02	3	4	1.33	2
2026-11-20	5k	4k	0.67	687
2026-12-18	13k	10k	0.74	9
2027-01-15	31k	39k	1.29	213
2027-02-19	373	163	0.44	5
2027-03-19	3k	5k	1.53	62
2027-06-17	14k	9k	0.69	1k
2028-01-21	8k	2k	0.28	1k

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