EW Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $90.98.

Put/Call (OI)

1.08

29k P / 27k C

Put/Call (Volume)

0.14

50 P / 354 C today

30d ATM IV

25%

annualized implied move

Call wall

$100

5k contracts

Put wall

$60

8k contracts

Tail hedging

4.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $100 (5k contracts), 10% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $60 (8k contracts), 34% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.7× 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	8k	10k	1.25	63
2026-09-18	7k	2k	0.27	285
2026-11-20	4k	545	0.15	44
2026-12-18	2k	2k	0.89	2
2027-01-15	4k	13k	3.07	10
2027-02-19	106	23	0.22	0
2027-03-19	497	319	0.64	0
2027-06-17	108	339	3.14	0
2028-01-21	893	862	0.97	0

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