KEYS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $361.02.

Put/Call (OI)

0.62

6k P / 10k C

Put/Call (Volume)

1.18

2k P / 1k C today

30d ATM IV

53%

annualized implied move

Call wall

$480

863 contracts

Put wall

$290

1k contracts

Tail hedging

1.7×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.62 puts per call outstanding.
●Call wall at $480 (863 contracts), 33% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $290 (1k contracts), 20% 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.

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	3k	3k	0.91	2k
2026-09-18	2k	1k	0.45	219
2026-10-16	647	275	0.43	24
2026-11-20	682	325	0.48	62
2026-12-18	2k	1k	0.54	64
2027-02-19	622	234	0.38	47

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