DVN Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $47.6.

Put/Call (OI)

0.44

161k P / 368k C

Put/Call (Volume)

0.30

7k P / 22k C today

30d ATM IV

35%

annualized implied move

Call wall

$50

47k contracts

Put wall

$40

30k contracts

Tail hedging

0.9×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.44 puts per call outstanding.
●Call wall at $50 (47k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $40 (30k contracts), 16% 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	107k	22k	0.20	8k
2026-08-28	5k	3k	0.63	3k
2026-09-04	2k	985	0.57	845
2026-09-11	2k	607	0.38	1k
2026-09-18	95k	31k	0.32	6k
2026-09-25	1k	283	0.26	256
2026-10-02	313	14	0.04	105
2026-10-16	39k	24k	0.62	3k
2026-11-20	563	116	0.21	1k
2026-12-18	19k	9k	0.46	3k
2027-01-15	68k	41k	0.61	1k
2027-03-19	3k	3k	1.13	137
2027-06-17	11k	11k	1.05	390
2028-01-21	12k	10k	0.79	76
2028-12-15	4k	5k	1.16	57

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