DHR Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $202.63.

Put/Call (OI)

0.70

33k P / 48k C

Put/Call (Volume)

0.66

669 P / 1k C today

30d ATM IV

29%

annualized implied move

Call wall

$210

6k contracts

Put wall

$160

5k contracts

Tail hedging

1.7×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.70 puts per call outstanding.
●Call wall at $210 (6k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $160 (5k contracts), 21% 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	14k	8k	0.57	365
2026-08-28	1k	878	0.76	110
2026-09-04	194	89	0.46	10
2026-09-11	39	41	1.05	26
2026-09-18	12k	8k	0.65	546
2026-09-25	39	7	0.18	19
2026-10-02	0	0	—	6
2026-10-16	2k	4k	2.12	37
2026-11-20	9	302	33.56	307
2026-12-18	4k	4k	0.95	152
2027-01-15	10k	5k	0.52	31
2027-03-19	949	1k	1.20	13
2027-06-17	229	559	2.44	3
2028-01-21	3k	2k	0.54	61

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