ICE Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $157.78.

Put/Call (OI)

0.41

21k P / 52k C

Put/Call (Volume)

1.89

1k P / 632 C today

30d ATM IV

24%

annualized implied move

Call wall

$160

11k contracts

Put wall

$140

3k contracts

Tail hedging

1.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.41 puts per call outstanding.
●Call wall at $160 (11k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $140 (3k contracts), 11% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 24% — 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	8k	5k	0.60	878
2026-08-28	412	847	2.06	106
2026-09-04	847	70	0.08	80
2026-09-11	512	191	0.37	46
2026-09-18	22k	5k	0.23	369
2026-09-25	455	115	0.25	20
2026-10-02	114	405	3.55	55
2026-12-18	4k	4k	0.84	21
2027-01-15	7k	3k	0.46	99
2027-03-19	859	1k	1.36	86
2027-06-17	232	174	0.75	5
2028-01-21	6k	936	0.15	61

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