FE Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $47.42.

Put/Call (OI)

0.70

27k P / 38k C

Put/Call (Volume)

0.02

45 P / 2k C today

30d ATM IV

18%

annualized implied move

Call wall

$55

10k contracts

Put wall

$33

8k contracts

Tail hedging

1.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.70 puts per call outstanding.
●Call wall at $55 (10k contracts), 16% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $33 (8k contracts), 30% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 18% — 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	1k	0.62	26
2026-09-18	16k	9k	0.54	2k
2026-10-16	1k	313	0.30	12
2026-12-18	3k	3k	1.01	31
2027-01-15	8k	8k	1.00	6
2027-03-19	126	483	3.83	1
2027-06-17	510	2k	4.40	5
2028-01-21	7k	2k	0.33	0

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