DKS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $196.19.

Put/Call (OI)

2.51

26k P / 10k C

Put/Call (Volume)

0.60

2k P / 3k C today

30d ATM IV

50%

annualized implied move

Call wall

$240

2k contracts

Put wall

$160

8k contracts

Tail hedging

1.6×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 2.51 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $240 (2k contracts), 22% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $160 (8k contracts), 18% 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	3k	8k	2.74	850
2026-09-18	3k	12k	3.67	4k
2026-11-20	0	0	—	82
2026-12-18	913	833	0.91	61
2027-01-15	2k	4k	1.80	180
2027-03-19	463	48	0.10	3
2027-06-17	316	432	1.37	10
2028-01-21	389	804	2.07	47

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