EFX Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $176.8.

Put/Call (OI)

1.17

5k P / 4k C

Put/Call (Volume)

0.63

25 P / 40 C today

30d ATM IV

35%

annualized implied move

Call wall

$200

905 contracts

Put wall

$165

2k contracts

Tail hedging

0.8×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.17 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $200 (905 contracts), 13% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $165 (2k contracts), 7% 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.

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	2k	2k	1.03	47
2026-09-18	761	2k	2.26	12
2026-10-16	571	307	0.54	3
2026-12-18	679	568	0.84	3
2027-01-15	167	245	1.47	0

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