CVNA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $70.16.

Put/Call (OI)

0.88

554k P / 630k C

Put/Call (Volume)

1.63

42k P / 26k C today

30d ATM IV

54%

annualized implied move

Call wall

$120

68k contracts

Put wall

$50

40k contracts

Tail hedging

1.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $120 (68k contracts), 71% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $50 (40k contracts), 29% 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	182k	128k	0.70	31k
2026-08-28	8k	7k	0.96	7k
2026-09-04	4k	2k	0.48	436
2026-09-11	893	830	0.93	1k
2026-09-18	105k	75k	0.71	19k
2026-09-25	363	461	1.27	197
2026-10-02	154	78	0.51	475
2026-11-20	38k	46k	1.19	6k
2026-12-18	60k	91k	1.53	345
2027-01-15	119k	103k	0.87	2k
2027-02-19	760	4k	5.77	55
2027-03-19	26k	26k	0.97	258
2027-06-17	38k	39k	1.02	179
2028-01-21	48k	33k	0.68	234

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