EOG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $146.15.

Put/Call (OI)

0.54

43k P / 78k C

Put/Call (Volume)

0.19

416 P / 2k C today

30d ATM IV

31%

annualized implied move

Call wall

$160

13k contracts

Put wall

$130

9k contracts

Tail hedging

3.0×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.54 puts per call outstanding.
●Call wall at $160 (13k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $130 (9k contracts), 11% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.0× 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	7k	5k	0.65	468
2026-08-28	699	282	0.40	528
2026-09-04	166	271	1.63	66
2026-09-11	394	39	0.10	126
2026-09-18	33k	13k	0.40	568
2026-09-25	44	3	0.07	4
2026-10-02	2	5	2.50	2
2026-10-16	8k	5k	0.63	43
2026-12-18	4k	4k	1.03	52
2027-01-15	15k	10k	0.68	79
2027-03-19	1k	2k	1.23	332
2027-06-17	1k	356	0.29	207
2028-01-21	6k	2k	0.34	77
2028-12-15	2k	958	0.61	3

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