EME Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $862.54.

Put/Call (OI)

0.59

2k P / 4k C

Put/Call (Volume)

1.23

74 P / 60 C today

30d ATM IV

38%

annualized implied move

Call wall

$900

280 contracts

Put wall

$760

160 contracts

Tail hedging

2.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.59 puts per call outstanding.
●Call wall at $900 (280 contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $760 (160 contracts), 12% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.1× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	632	659	1.04	47
2026-09-18	271	277	1.02	25
2026-10-16	584	572	0.98	24
2026-12-18	2k	516	0.26	26
2027-01-15	469	319	0.68	12

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