ETR Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $108.52.

Put/Call (OI)

0.25

3k P / 13k C

Put/Call (Volume)

0.28

20 P / 72 C today

30d ATM IV

20%

annualized implied move

Call wall

$120

4k contracts

Put wall

$100

708 contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.25 puts per call outstanding.
●Call wall at $120 (4k contracts), 11% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $100 (708 contracts), 8% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 11.6× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 20% — 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	4k	731	0.20	16
2026-09-18	7k	892	0.13	39
2026-11-20	681	358	0.53	11
2026-12-18	200	108	0.54	0
2027-01-15	1k	694	0.61	22
2027-03-19	25	28	1.12	0
2028-01-21	686	463	0.67	4

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