HXL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $103.93.

Put/Call (OI)

0.15

1k P / 7k C

Put/Call (Volume)

1.00

23 P / 23 C today

30d ATM IV

32%

annualized implied move

Call wall

$110

3k contracts

Put wall

$95

153 contracts

Tail hedging

0.6×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.15 puts per call outstanding.
●Call wall at $110 (3k contracts), 6% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $95 (153 contracts), 9% below spot — the hedge floor; often acts as support.

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	5k	377	0.07	41
2026-09-18	380	123	0.32	1
2026-12-18	659	195	0.30	0
2027-01-15	1k	449	0.35	4
2027-03-19	31	13	0.42	0

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