EMA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $51.16.

Put/Call (OI)

0.91

2k P / 2k C

Put/Call (Volume)

2.00

4 P / 2 C today

30d ATM IV

17%

annualized implied move

Call wall

$75

602 contracts

Put wall

$45

1k contracts

Tail hedging

1.1×

deep-OTM puts vs calls

What the positioning says

●Call wall at $75 (602 contracts), 47% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $45 (1k contracts), 12% below spot — the hedge floor; often acts as support.
●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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	100	401	4.01	0
2026-09-18	1k	1k	1.23	4
2026-10-16	2	1	0.50	1
2026-12-18	700	17	0.02	0
2027-03-19	26	0	0.00	1

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