ED Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $108.99.

Put/Call (OI)

0.39

4k P / 11k C

Put/Call (Volume)

0.10

24 P / 233 C today

30d ATM IV

17%

annualized implied move

Call wall

$115

3k contracts

Put wall

$95

742 contracts

Tail hedging

0.5×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.39 puts per call outstanding.
●Call wall at $115 (3k contracts), 6% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $95 (742 contracts), 13% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.0× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 17% — 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	4k	2k	0.37	13
2026-09-18	621	262	0.42	139
2026-11-20	2k	465	0.21	12
2027-01-15	3k	1k	0.48	81
2027-02-19	154	20	0.13	10
2028-01-21	658	581	0.88	2

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