CVS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $94.9.

Put/Call (OI)

0.85

162k P / 191k C

Put/Call (Volume)

0.68

4k P / 6k C today

30d ATM IV

26%

annualized implied move

Call wall

$110

31k contracts

Put wall

$50

12k contracts

Tail hedging

1.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $110 (31k contracts), 16% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $50 (12k contracts), 47% 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	48k	25k	0.52	5k
2026-08-28	5k	2k	0.41	308
2026-09-04	2k	779	0.37	225
2026-09-11	481	658	1.37	179
2026-09-18	23k	25k	1.07	1k
2026-09-25	2k	297	0.17	217
2026-10-02	119	145	1.22	172
2026-11-20	13k	8k	0.62	299
2026-12-18	17k	27k	1.63	1k
2027-01-15	54k	55k	1.02	230
2027-02-19	1k	461	0.32	50
2027-03-19	3k	2k	0.71	58
2027-06-17	6k	6k	1.07	48
2028-01-21	16k	9k	0.59	391

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