EXR Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $146.89.

Put/Call (OI)

0.79

2k P / 3k C

Put/Call (Volume)

0.50

16 P / 32 C today

30d ATM IV

21%

annualized implied move

Call wall

$160

975 contracts

Put wall

$140

518 contracts

Tail hedging

4.6×

deep-OTM puts vs calls

What the positioning says

●Call wall at $160 (975 contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $140 (518 contracts), 5% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 4.6× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 21% — 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	615	638	1.04	12
2026-09-18	2k	1k	0.62	29
2026-10-16	15	20	1.33	0
2026-12-18	206	336	1.63	0
2027-03-19	46	37	0.80	7

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