DOC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-13. Spot $20.81.

Put/Call (OI)

0.23

7k P / 33k C

Put/Call (Volume)

1.79

127 P / 71 C today

30d ATM IV

20%

annualized implied move

Call wall

$22.5

20k contracts

Put wall

$15

3k contracts

Tail hedging

2.6×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.23 puts per call outstanding.
●Call wall at $22.5 (20k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $15 (3k contracts), 28% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.6× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 20% — calm pricing; option premium is cheap.

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	16k	548	0.03	1
2026-09-18	228	81	0.36	42
2026-10-16	5k	517	0.11	17
2026-12-18	5k	2k	0.30	2
2027-01-15	3k	2k	0.70	134
2028-01-21	3k	3k	0.73	2

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