DG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $120.08.

Put/Call (OI)

1.13

48k P / 42k C

Put/Call (Volume)

1.76

2k P / 1k C today

30d ATM IV

46%

annualized implied move

Call wall

$130

5k contracts

Put wall

$90

5k contracts

Tail hedging

1.5×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.13 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $130 (5k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $90 (5k contracts), 25% 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	11k	7k	0.69	3k
2026-08-28	2k	875	0.50	327
2026-09-04	1k	278	0.23	21
2026-09-11	468	322	0.69	47
2026-09-18	7k	13k	1.83	190
2026-09-25	63	148	2.35	24
2026-10-02	2	4	2.00	55
2026-11-20	3k	3k	1.01	102
2026-12-18	4k	3k	0.83	61
2027-01-15	10k	11k	1.15	77
2027-02-19	47	77	1.64	5
2027-03-19	262	701	2.68	1
2027-06-17	988	3k	3.00	99
2028-01-21	3k	4k	1.50	11

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