ECL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $275.84.

Put/Call (OI)

0.66

8k P / 11k C

Put/Call (Volume)

7.34

756 P / 103 C today

30d ATM IV

22%

annualized implied move

Call wall

$300

5k contracts

Put wall

$270

3k contracts

Tail hedging

1.6×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.66 puts per call outstanding.
●Call wall at $300 (5k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $270 (3k contracts), 2% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 22% — calm pricing; option premium is cheap.

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	3k	5k	1.73	14
2026-09-18	552	731	1.32	80
2026-10-16	2k	725	0.34	729
2026-12-18	3k	672	0.24	16
2027-01-15	3k	335	0.11	20

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