ERIC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $10.05.

Put/Call (OI)

0.35

16k P / 45k C

Put/Call (Volume)

0.79

38 P / 48 C today

30d ATM IV

31%

annualized implied move

Call wall

$14

13k contracts

Put wall

$10

6k contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.35 puts per call outstanding.
●Call wall at $14 (13k contracts), 39% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $10 (6k contracts), 0% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 14.9× deep-OTM put OI — speculative upside positioning dominates the tails.

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	4k	4k	0.91	14
2026-09-18	372	1k	2.94	15
2026-10-16	21k	3k	0.15	36
2027-01-15	19k	8k	0.41	21

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