ECHO Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $92.04.

Put/Call (OI)

0.50

207k P / 418k C

Put/Call (Volume)

2.07

25k P / 12k C today

30d ATM IV

50%

annualized implied move

Call wall

$120

44k contracts

Put wall

$85

47k contracts

Tail hedging

0.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.50 puts per call outstanding.
●Call wall at $120 (44k contracts), 30% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $85 (47k contracts), 8% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 6.4× deep-OTM put OI — speculative upside positioning dominates the tails.

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	60k	30k	0.50	17k
2026-08-28	2k	2k	0.96	261
2026-09-04	4k	309	0.07	330
2026-09-11	157	407	2.59	2k
2026-09-18	86k	34k	0.40	3k
2026-09-25	74	658	8.89	41
2026-10-02	0	1	—	6
2026-10-16	31k	12k	0.39	3k
2026-12-18	109k	81k	0.74	5k
2027-01-15	89k	33k	0.37	4k
2027-03-19	6k	2k	0.40	33
2027-06-17	1k	578	0.39	3
2027-12-17	9k	4k	0.41	19
2028-01-21	22k	8k	0.35	784

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