EWBC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $135.52.

Put/Call (OI)

0.54

728 P / 1k C

Put/Call (Volume)

0.03

1 P / 38 C today

30d ATM IV

20%

annualized implied move

Call wall

$140

215 contracts

Put wall

$115

276 contracts

Tail hedging

5.5×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.54 puts per call outstanding.
●Call wall at $140 (215 contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $115 (276 contracts), 15% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 5.5× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●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	668	189	0.28	2
2026-09-18	89	293	3.29	2
2026-10-16	90	24	0.27	15
2026-11-20	199	96	0.48	0
2027-01-15	312	126	0.40	20

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