KDP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $30.28.

Put/Call (OI)

0.35

16k P / 47k C

Put/Call (Volume)

1.17

584 P / 498 C today

30d ATM IV

23%

annualized implied move

Call wall

$33

14k contracts

Put wall

$29

2k contracts

Tail hedging

0.5×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.35 puts per call outstanding.
●Call wall at $33 (14k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $29 (2k contracts), 4% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.1× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 23% — 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	18k	2k	0.12	340
2026-09-18	13k	6k	0.44	434
2026-10-16	3k	2k	0.69	59
2026-12-18	2k	1k	0.51	83
2027-01-15	8k	4k	0.46	73
2027-03-19	686	546	0.80	16
2027-06-17	222	314	1.41	19
2028-01-21	2k	1k	0.53	58

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