E Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $56.03.

Put/Call (OI)

2.04

8k P / 4k C

Put/Call (Volume)

0.50

2 P / 4 C today

30d ATM IV

32%

annualized implied move

Call wall

$62.5

526 contracts

Put wall

$40

3k contracts

Tail hedging

8.5×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 2.04 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $62.5 (526 contracts), 12% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $40 (3k contracts), 29% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 8.5× 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	2k	38	0.02	5
2026-09-18	76	81	1.07	1
2026-10-16	189	67	0.35	0
2026-11-20	31	34	1.10	0
2026-12-18	131	2k	13.28	0
2027-01-15	211	5k	24.55	0
2027-02-19	717	161	0.22	0
2027-04-16	455	310	0.68	0
2027-07-16	60	5	0.08	0

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