DRI Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $225.5.

Put/Call (OI)

0.83

9k P / 11k C

Put/Call (Volume)

0.72

234 P / 327 C today

30d ATM IV

28%

annualized implied move

Call wall

$230

2k contracts

Put wall

$185

2k contracts

Tail hedging

3.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $230 (2k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $185 (2k contracts), 18% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.0× 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	2k	4k	1.52	147
2026-09-18	3k	2k	0.59	325
2026-10-16	2k	787	0.35	9
2026-12-18	440	359	0.82	13
2027-01-15	2k	908	0.47	47
2027-03-19	302	927	3.07	8
2027-06-17	65	42	0.65	6
2028-01-21	340	374	1.10	6

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