CVX Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $203.25.

Put/Call (OI)

0.68

223k P / 327k C

Put/Call (Volume)

0.41

11k P / 27k C today

30d ATM IV

26%

annualized implied move

Call wall

$210

51k contracts

Put wall

$170

20k contracts

Tail hedging

4.0×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.68 puts per call outstanding.
●Call wall at $210 (51k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $170 (20k contracts), 16% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.0× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	77k	31k	0.40	13k
2026-08-28	6k	9k	1.52	2k
2026-09-04	2k	867	0.35	982
2026-09-11	2k	881	0.37	483
2026-09-18	73k	55k	0.76	10k
2026-09-25	510	193	0.38	452
2026-10-02	175	10	0.06	104
2026-10-16	26k	6k	0.24	3k
2026-11-20	1k	382	0.33	2k
2026-12-18	31k	32k	1.02	2k
2027-01-15	61k	54k	0.89	2k
2027-03-19	7k	6k	0.89	676
2027-06-17	17k	11k	0.61	910
2028-01-21	15k	11k	0.76	1k
2028-12-15	8k	6k	0.67	683

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