GWRE Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-17. Spot $182.62.

Put/Call (OI)

0.43

4k P / 8k C

Put/Call (Volume)

0.43

599 P / 1k C today

30d ATM IV

68%

annualized implied move

Call wall

$240

821 contracts

Put wall

$90

441 contracts

Tail hedging

0.9×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.43 puts per call outstanding.
●Call wall at $240 (821 contracts), 31% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $90 (441 contracts), 51% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 68% — the market prices very large moves; option premium is expensive.

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	358	0.22	224
2026-09-18	1k	1k	0.74	319
2026-10-16	713	433	0.61	44
2026-12-18	3k	1k	0.48	1k
2027-01-15	2k	464	0.25	34

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