KMB Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $107.62.

Put/Call (OI)

0.51

33k P / 63k C

Put/Call (Volume)

0.65

2k P / 2k C today

30d ATM IV

22%

annualized implied move

Call wall

$120

11k contracts

Put wall

$100

6k contracts

Tail hedging

0.7×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.51 puts per call outstanding.
●Call wall at $120 (11k contracts), 12% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $100 (6k contracts), 7% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 22% — 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	15k	7k	0.45	1k
2026-08-28	1k	339	0.33	301
2026-09-04	689	288	0.42	75
2026-09-11	343	155	0.45	25
2026-09-18	9k	6k	0.70	513
2026-09-25	33	90	2.73	31
2026-10-02	2	7	3.50	24
2026-10-16	5k	4k	0.76	359
2026-12-18	9k	3k	0.31	327
2027-01-15	14k	6k	0.39	679
2027-03-19	1k	1k	0.83	38
2027-06-17	670	967	1.44	32
2028-01-21	7k	4k	0.63	192

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