GWW Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $1,317.68.

Put/Call (OI)

0.67

9k P / 13k C

Put/Call (Volume)

0.12

13 P / 109 C today

30d ATM IV

22%

annualized implied move

Call wall

$1,600

2k contracts

Put wall

$1,050

2k contracts

Tail hedging

1.0×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.67 puts per call outstanding.
●Call wall at $1,600 (2k contracts), 21% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $1,050 (2k contracts), 20% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 22% — 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	956	455	0.48	65
2026-09-18	115	196	1.70	5
2026-10-16	2k	666	0.44	43
2026-12-18	4k	1k	0.35	0
2027-01-15	2k	2k	1.09	1
2027-03-19	1k	277	0.25	2
2027-05-21	2k	2k	1.00	4
2027-06-17	77	35	0.45	0
2027-07-16	18	28	1.56	0
2027-08-20	335	356	1.06	2
2027-10-15	312	423	1.36	0
2027-12-17	2k	2k	0.89	0

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