FWONK Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $101.98.

Put/Call (OI)

0.18

5k P / 28k C

Put/Call (Volume)

0.00

0 P / 4 C today

30d ATM IV

27%

annualized implied move

Call wall

$115

10k contracts

Put wall

$75

1k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.18 puts per call outstanding.
●Call wall at $115 (10k contracts), 13% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $75 (1k contracts), 26% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.6× deep-OTM put OI — speculative upside positioning dominates the tails.

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	6k	1k	0.22	0
2026-09-18	2k	1k	0.89	0
2026-10-16	509	42	0.08	0
2026-11-20	16k	1k	0.08	3
2026-12-18	3k	844	0.25	0
2027-02-19	45	168	3.73	0
2027-12-17	4	0	0.00	1

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