ES Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $71.99.

Put/Call (OI)

0.29

2k P / 7k C

Put/Call (Volume)

0.46

21 P / 46 C today

30d ATM IV

22%

annualized implied move

Call wall

$75

4k contracts

Put wall

$70

692 contracts

Tail hedging

0.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.29 puts per call outstanding.
●Call wall at $75 (4k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $70 (692 contracts), 3% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 4.4× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 22% — 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	3k	556	0.19	17
2026-09-18	921	86	0.09	17
2026-10-16	2k	820	0.41	29
2027-01-15	837	433	0.52	4

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