EXPE Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $318.02.

Put/Call (OI)

1.23

38k P / 31k C

Put/Call (Volume)

1.64

834 P / 508 C today

30d ATM IV

37%

annualized implied move

Call wall

$360

3k contracts

Put wall

$175

4k contracts

Tail hedging

4.4×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.23 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $360 (3k contracts), 13% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $175 (4k contracts), 45% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.4× 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	5k	5k	1.12	534
2026-08-28	503	278	0.55	187
2026-09-04	219	317	1.45	52
2026-09-11	151	189	1.25	8
2026-09-18	9k	8k	0.90	239
2026-09-25	38	76	2.00	3
2026-10-02	6	7	1.17	2
2026-10-16	2k	4k	2.42	158
2026-12-18	4k	4k	0.93	63
2027-01-15	6k	13k	2.20	80
2027-03-19	667	811	1.22	8
2027-06-17	2k	171	0.08	3
2028-01-21	2k	2k	0.86	5

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