CW Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $696.07.

Put/Call (OI)

0.93

2k P / 2k C

Put/Call (Volume)

0.94

15 P / 16 C today

30d ATM IV

38%

annualized implied move

Call wall

$750

330 contracts

Put wall

$610

225 contracts

Tail hedging

0.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $750 (330 contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $610 (225 contracts), 12% 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	788	354	0.45	11
2026-09-18	547	518	0.95	5
2026-11-20	365	480	1.32	7
2026-12-18	62	174	2.81	0
2027-03-19	20	136	6.80	8
2027-12-17	0	0	—	0

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