DLR Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $195.25.

Put/Call (OI)

1.95

29k P / 15k C

Put/Call (Volume)

0.45

80 P / 179 C today

30d ATM IV

26%

annualized implied move

Call wall

$220

2k contracts

Put wall

$160

12k contracts

Tail hedging

4.3×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.95 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $220 (2k contracts), 13% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $160 (12k contracts), 18% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.3× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	3k	0.83	94
2026-08-28	516	86	0.17	39
2026-09-04	69	180	2.61	0
2026-09-11	73	746	10.22	0
2026-09-18	4k	8k	2.00	44
2026-09-25	255	8	0.03	7
2026-10-02	0	6	—	2
2026-10-16	1k	2k	1.24	22
2026-12-18	577	13k	22.96	11
2027-01-15	4k	2k	0.51	18
2027-03-19	228	238	1.04	10
2027-06-17	101	313	3.10	1
2028-01-21	757	570	0.75	11

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