KO Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $88.94.

Put/Call (OI)

0.79

336k P / 427k C

Put/Call (Volume)

0.47

12k P / 25k C today

30d ATM IV

17%

annualized implied move

Call wall

$90

58k contracts

Put wall

$70

35k contracts

Tail hedging

8.4×

deep-OTM puts vs calls

What the positioning says

●Call wall at $90 (58k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $70 (35k contracts), 21% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 8.4× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 17% — 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	100k	70k	0.70	14k
2026-08-28	7k	5k	0.74	3k
2026-09-04	4k	3k	0.68	1k
2026-09-11	4k	1k	0.30	741
2026-09-18	86k	47k	0.54	8k
2026-09-25	715	402	0.56	581
2026-10-02	209	151	0.72	271
2026-10-16	27k	28k	1.01	2k
2026-11-20	22k	17k	0.78	1k
2026-12-18	31k	43k	1.40	473
2027-01-15	67k	74k	1.09	1k
2027-02-19	16k	6k	0.35	657
2027-03-19	12k	8k	0.63	509
2027-06-17	18k	12k	0.66	1k
2028-01-21	32k	24k	0.74	290
2028-06-16	908	298	0.33	268
2028-12-15	219	22	0.10	233

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