EPD Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $38.45.

Put/Call (OI)

0.23

42k P / 188k C

Put/Call (Volume)

0.28

2k P / 6k C today

30d ATM IV

17%

annualized implied move

Call wall

$42

56k contracts

Put wall

$35

6k contracts

Tail hedging

1.9×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.23 puts per call outstanding.
●Call wall at $42 (56k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $35 (6k contracts), 9% 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.

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	11k	3k	0.31	2k
2026-08-28	1k	1k	0.82	205
2026-09-04	5k	364	0.07	538
2026-09-11	215	360	1.67	119
2026-09-18	70k	15k	0.22	2k
2026-09-25	59	56	0.95	99
2026-10-02	34	22	0.65	313
2026-12-18	20k	5k	0.27	2k
2027-01-15	51k	12k	0.23	1k
2027-03-19	4k	1k	0.26	11
2027-06-17	4k	452	0.11	23
2028-01-21	19k	3k	0.15	113
2028-12-15	2k	342	0.17	4

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