CVX Options Chain Analysis

As of previous close (2026-11-05) · OPRA historical data

Spot $213.17 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.71

227k P / 321k C

Put/Call (Volume)

0.98

17k P / 18k C that session

30d ATM IV

33%

annualized implied move

Call wall

$230

52k contracts

Put wall

$200

20k contracts

Tail hedging

1.2×

deep-OTM puts vs calls

What the positioning says

●Call wall at $230 (52k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $200 (20k contracts), 6% 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 2026-12-04. 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 that session
2026-11-06	41k	8k	0.19	7k
2026-11-13	10k	5k	0.53	3k
2026-11-20	54k	28k	0.52	6k
2026-11-27	2k	2k	0.81	929
2026-12-04	1k	525	0.35	483
2026-12-11	157	491	3.13	117
2026-12-18	65k	50k	0.77	7k
2026-12-24	0	0	—	89
2027-01-15	72k	70k	0.98	4k
2027-03-19	19k	21k	1.07	1k
2027-06-17	22k	16k	0.75	3k
2027-09-17	3k	5k	1.78	653
2028-01-21	20k	14k	0.67	602
2028-12-15	10k	6k	0.60	422
2029-01-19	1k	723	0.57	127

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.