DHI Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $148.34.

Put/Call (OI)

0.85

21k P / 25k C

Put/Call (Volume)

0.24

652 P / 3k C today

30d ATM IV

33%

annualized implied move

Call wall

$180

3k contracts

Put wall

$135

3k contracts

Tail hedging

0.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $180 (3k contracts), 21% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $135 (3k contracts), 9% 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	6k	5k	0.77	2k
2026-08-28	179	159	0.89	70
2026-09-04	200	127	0.64	16
2026-09-11	79	25	0.32	8
2026-09-18	4k	5k	1.32	270
2026-09-25	89	42	0.47	0
2026-10-02	0	0	—	9
2026-10-16	651	257	0.39	70
2026-11-20	2k	1k	0.75	1k
2026-12-18	726	2k	2.85	4
2027-01-15	9k	5k	0.57	50
2027-02-19	59	48	0.81	0
2027-03-19	556	387	0.70	5
2027-06-17	241	482	2.00	26
2028-01-21	1k	1k	0.85	8

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