GHM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $115.48.

Put/Call (OI)

0.15

105 P / 687 C

Put/Call (Volume)

1.50

3 P / 2 C today

30d ATM IV

53%

annualized implied move

Call wall

$135

406 contracts

Put wall

$85

16 contracts

Tail hedging

0.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.15 puts per call outstanding.
●Call wall at $135 (406 contracts), 17% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $85 (16 contracts), 26% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 5.7× 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	31	25	0.81	4
2026-09-18	58	60	1.03	1
2026-12-18	584	17	0.03	0
2027-03-19	14	3	0.21	0

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