IR Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $82.31.

Put/Call (OI)

0.26

6k P / 22k C

Put/Call (Volume)

0.07

7 P / 95 C today

30d ATM IV

32%

annualized implied move

Call wall

$95

10k contracts

Put wall

$75

2k contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.26 puts per call outstanding.
●Call wall at $95 (10k contracts), 15% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $75 (2k contracts), 9% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 7.1× 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.

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	381	852	2.24	14
2026-09-18	2k	2k	0.74	44
2026-12-18	2k	374	0.24	7
2027-01-15	17k	3k	0.16	16
2027-03-19	227	76	0.33	0
2027-06-17	315	24	0.08	21

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