EL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $84.61.

Put/Call (OI)

0.84

79k P / 94k C

Put/Call (Volume)

1.23

3k P / 2k C today

30d ATM IV

48%

annualized implied move

Call wall

$105

26k contracts

Put wall

$80

17k contracts

Tail hedging

0.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $105 (26k contracts), 24% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $80 (17k contracts), 5% 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	7k	6k	0.91	2k
2026-08-28	606	238	0.39	583
2026-09-04	178	79	0.44	87
2026-09-11	156	55	0.35	56
2026-09-18	14k	17k	1.25	250
2026-09-25	30	24	0.80	49
2026-10-02	19	0	0.00	35
2026-10-16	4k	5k	1.15	91
2026-12-18	4k	5k	1.33	111
2027-01-15	21k	26k	1.21	146
2027-03-19	36k	4k	0.10	17
2027-06-17	649	2k	2.51	1k
2028-01-21	6k	14k	2.22	27

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