KC Options Chain Analysis

As of previous close (2026-09-02) · OPRA historical data

Spot $10.24 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.44

3k P / 7k C

Put/Call (Volume)

0.38

91 P / 241 C that session

30d ATM IV

66%

annualized implied move

Call wall

$12.5

2k contracts

Put wall

$10

663 contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.44 puts per call outstanding.
●Call wall at $12.5 (2k contracts), 22% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $10 (663 contracts), 2% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 6.8× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 66% — the market prices very large moves; option premium is expensive.

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 that session
2026-09-18	704	702	1.00	39
2026-10-16	442	21	0.05	45
2026-11-20	3k	969	0.35	145
2027-01-15	3k	1k	0.43	96
2027-02-19	122	14	0.11	7
2028-01-21	712	395	0.55	0

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.