ENB Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $50.67.

Put/Call (OI)

0.43

18k P / 42k C

Put/Call (Volume)

1.58

2k P / 981 C today

30d ATM IV

17%

annualized implied move

Call wall

$60

12k contracts

Put wall

$50

4k contracts

Tail hedging

0.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.43 puts per call outstanding.
●Call wall at $60 (12k contracts), 18% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $50 (4k contracts), 1% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 4.8× 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	7k	4k	0.59	204
2026-09-18	8k	2k	0.32	453
2026-10-16	8k	4k	0.45	1k
2026-11-20	69	41	0.59	192
2027-01-15	13k	6k	0.45	406
2028-01-21	6k	2k	0.32	136

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