EC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-20. Spot $17.92.

Put/Call (OI)

0.21

13k P / 62k C

Put/Call (Volume)

0.07

121 P / 2k C today

30d ATM IV

38%

annualized implied move

Call wall

$18

18k contracts

Put wall

$15

2k contracts

Tail hedging

1.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.21 puts per call outstanding.
●Call wall at $18 (18k contracts), 0% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $15 (2k 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	54k	8k	0.15	779
2026-09-18	2k	268	0.16	258
2026-11-20	5k	4k	0.67	223
2027-02-19	1k	724	0.68	539

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