DD Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $138.81.

Put/Call (OI)

0.21

2k P / 7k C

Put/Call (Volume)

0.30

45 P / 149 C today

30d ATM IV

31%

annualized implied move

Call wall

$150

3k contracts

Put wall

$125

639 contracts

Tail hedging

0.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.21 puts per call outstanding.
●Call wall at $150 (3k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $125 (639 contracts), 10% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 6.2× deep-OTM put OI — speculative upside positioning dominates the tails.

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	2k	401	0.20	64
2026-09-18	1k	86	0.07	25
2026-10-16	2k	65	0.04	6
2026-11-20	2	3	1.50	2
2026-12-18	386	46	0.12	0
2027-01-15	1k	649	0.63	0
2027-03-19	213	40	0.19	7
2027-06-17	377	130	0.34	0
2028-01-21	261	114	0.44	90

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