KMI Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $32.44.

Put/Call (OI)

0.55

107k P / 193k C

Put/Call (Volume)

0.91

6k P / 6k C today

30d ATM IV

21%

annualized implied move

Call wall

$35

44k contracts

Put wall

$27

17k contracts

Tail hedging

1.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.55 puts per call outstanding.
●Call wall at $35 (44k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $27 (17k contracts), 17% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 21% — 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	25k	7k	0.28	2k
2026-08-28	5k	822	0.18	2k
2026-09-04	4k	268	0.07	213
2026-09-11	4k	75	0.02	62
2026-09-18	54k	36k	0.67	2k
2026-09-25	1k	509	0.40	836
2026-10-02	248	222	0.90	40
2026-12-18	18k	9k	0.47	1k
2027-01-15	42k	17k	0.39	308
2027-03-19	8k	4k	0.55	121
2027-06-17	11k	18k	1.62	2k
2028-01-21	19k	14k	0.71	1k

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