EXC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $45.57.

Put/Call (OI)

0.52

18k P / 34k C

Put/Call (Volume)

0.18

256 P / 1k C today

30d ATM IV

20%

annualized implied move

Call wall

$50

12k contracts

Put wall

$43

6k contracts

Tail hedging

0.8×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.52 puts per call outstanding.
●Call wall at $50 (12k contracts), 10% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $43 (6k contracts), 6% below spot — the hedge floor; often acts as support.
●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	9k	2k	0.19	143
2026-09-18	12k	2k	0.20	113
2026-10-16	2k	6k	2.79	3
2026-12-18	2k	688	0.40	120
2027-01-15	9k	6k	0.72	1k
2027-03-19	468	200	0.43	0
2027-06-17	168	128	0.76	1
2028-01-21	939	936	1.00	1

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