CTAS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $197.4.

Put/Call (OI)

0.87

17k P / 20k C

Put/Call (Volume)

0.41

643 P / 2k C today

30d ATM IV

26%

annualized implied move

Call wall

$210

4k contracts

Put wall

$160

2k contracts

Tail hedging

1.4×

deep-OTM puts vs calls

What the positioning says

●Call wall at $210 (4k contracts), 6% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $160 (2k contracts), 19% 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	3k	5k	1.61	277
2026-08-28	752	214	0.28	493
2026-09-04	202	95	0.47	86
2026-09-11	120	134	1.12	5
2026-09-18	4k	2k	0.65	986
2026-09-25	218	253	1.16	22
2026-10-02	0	2	—	254
2026-11-20	1k	1k	1.24	83
2026-12-18	6k	821	0.14	6
2027-01-15	2k	2k	0.99	6
2027-02-19	525	36	0.07	0
2027-03-19	1k	755	0.70	1
2027-06-17	260	470	1.81	1
2028-01-21	709	3k	4.72	0

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