DOW Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $31.4.

Put/Call (OI)

1.07

264k P / 247k C

Put/Call (Volume)

0.51

4k P / 8k C today

30d ATM IV

39%

annualized implied move

Call wall

$35

33k contracts

Put wall

$30

52k contracts

Tail hedging

1.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $35 (33k contracts), 11% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $30 (52k contracts), 4% 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	35k	38k	1.10	4k
2026-08-28	3k	992	0.31	590
2026-09-04	3k	991	0.37	519
2026-09-11	810	2k	2.75	356
2026-09-18	61k	56k	0.92	2k
2026-09-25	886	206	0.23	991
2026-10-02	3	9	3.00	749
2026-10-16	8k	3k	0.41	629
2026-11-20	6k	4k	0.69	154
2026-12-18	34k	36k	1.05	540
2027-01-15	63k	80k	1.26	949
2027-03-19	10k	5k	0.50	211
2027-06-17	3k	10k	3.53	214
2028-01-21	19k	26k	1.41	875

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