KHC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $24.81.

Put/Call (OI)

0.61

156k P / 256k C

Put/Call (Volume)

0.86

6k P / 7k C today

30d ATM IV

27%

annualized implied move

Call wall

$25

55k contracts

Put wall

$22.5

40k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.61 puts per call outstanding.
●Call wall at $25 (55k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $22.5 (40k contracts), 9% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.5× deep-OTM put OI — speculative upside positioning dominates the tails.

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	65k	27k	0.41	5k
2026-08-28	6k	3k	0.44	2k
2026-09-04	1k	1k	0.89	1k
2026-09-11	3k	1k	0.39	962
2026-09-18	36k	34k	0.94	1k
2026-09-25	428	472	1.10	198
2026-10-02	125	5	0.04	109
2026-10-16	18k	8k	0.43	1k
2026-12-18	31k	23k	0.74	463
2027-01-15	59k	31k	0.53	144
2027-03-19	5k	5k	0.94	80
2027-06-17	6k	6k	0.97	843
2028-01-21	26k	17k	0.67	162

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