KEP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-27. Spot $12.23.

Put/Call (OI)

0.54

856 P / 2k C

Put/Call (Volume)

1.80

110 P / 61 C today

30d ATM IV

36%

annualized implied move

Call wall

$20

483 contracts

Put wall

$10

487 contracts

Tail hedging

0.5×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.54 puts per call outstanding.
●Call wall at $20 (483 contracts), 64% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $10 (487 contracts), 18% 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	Volume today
2026-09-18	1k	221	0.19	155
2026-10-16	22	10	0.45	0
2026-12-18	339	484	1.43	16
2027-03-19	26	141	5.42	0

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