KB Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $118.85.

Put/Call (OI)

0.65

505 P / 777 C

Put/Call (Volume)

—

0 P / 0 C today

30d ATM IV

27%

annualized implied move

Call wall

$125

313 contracts

Put wall

$110

129 contracts

Tail hedging

1.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.65 puts per call outstanding.
●Call wall at $125 (313 contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $110 (129 contracts), 7% 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
2026-08-21	257	16	0.06
2026-09-18	176	292	1.66
2026-11-20	40	0	0.00
2026-12-18	294	196	0.67
2027-03-19	10	1	0.10

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