EXPD Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $188.27.

Put/Call (OI)

0.73

3k P / 4k C

Put/Call (Volume)

0.04

6 P / 165 C today

30d ATM IV

24%

annualized implied move

Call wall

$195

550 contracts

Put wall

$165

783 contracts

Tail hedging

8.5×

deep-OTM puts vs calls

What the positioning says

●Call wall at $195 (550 contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $165 (783 contracts), 12% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 8.5× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 24% — 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	2k	2k	1.09	56
2026-09-18	534	220	0.41	97
2026-11-20	1k	427	0.41	11
2027-02-19	527	122	0.23	7

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