KGC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $27.83.

Put/Call (OI)

0.55

68k P / 123k C

Put/Call (Volume)

0.36

1k P / 3k C today

30d ATM IV

45%

annualized implied move

Call wall

$35

22k contracts

Put wall

$25

11k contracts

Tail hedging

0.8×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.55 puts per call outstanding.
●Call wall at $35 (22k contracts), 26% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $25 (11k contracts), 10% 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
2026-08-21	24k	14k	0.59	1k
2026-08-28	2k	642	0.38	379
2026-09-04	436	204	0.47	326
2026-09-11	188	72	0.38	25
2026-09-18	7k	3k	0.51	334
2026-09-25	130	25	0.19	77
2026-10-02	0	4	—	17
2026-10-16	1k	234	0.18	465
2026-11-20	17k	10k	0.57	120
2027-01-15	52k	31k	0.60	507
2027-02-19	625	2k	3.06	34
2027-05-21	183	123	0.67	18
2027-08-20	130	374	2.88	2
2027-11-19	42	0	0.00	19
2028-01-21	20k	6k	0.31	403

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