ECHO Options Chain Analysis

As of previous close (2026-10-02) · OPRA historical data

Spot $94.23 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.53

162k P / 305k C

Put/Call (Volume)

0.63

6k P / 10k C that session

30d ATM IV

40%

annualized implied move

Call wall

$120

33k contracts

Put wall

$85

46k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.53 puts per call outstanding.
●Call wall at $120 (33k contracts), 27% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $85 (46k contracts), 10% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.7× 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 2026-10-30. A steep left side = expensive downside protection.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume that session
2026-10-09	2k	2k	0.84	2k
2026-10-16	42k	24k	0.59	5k
2026-10-23	2k	1k	0.68	473
2026-10-30	2k	505	0.31	2k
2026-11-06	5	58	11.60	262
2026-11-13	1	5	5.00	70
2026-11-20	11k	8k	0.73	2k
2026-12-18	103k	79k	0.76	779
2027-01-15	95k	29k	0.31	1k
2027-03-19	8k	4k	0.46	1k
2027-04-16	275	251	0.91	1
2027-06-17	2k	697	0.36	15
2027-12-17	9k	3k	0.38	43
2028-01-21	26k	7k	0.26	109
2029-01-19	89	13	0.15	8

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.