KR Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $56.28.

Put/Call (OI)

0.65

53k P / 82k C

Put/Call (Volume)

1.93

9k P / 4k C today

30d ATM IV

34%

annualized implied move

Call wall

$60

11k contracts

Put wall

$55

12k contracts

Tail hedging

0.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.65 puts per call outstanding.
●Call wall at $60 (11k contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $55 (12k contracts), 2% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 4.3× 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	27k	11k	0.39	9k
2026-08-28	950	1k	1.33	265
2026-09-04	1k	2k	1.58	651
2026-09-11	303	793	2.62	367
2026-09-18	17k	11k	0.64	2k
2026-09-25	75	112	1.49	52
2026-10-02	0	3	—	39
2026-10-16	9k	5k	0.50	126
2026-12-18	4k	4k	0.83	117
2027-01-15	9k	8k	0.87	144
2027-03-19	1k	992	0.76	18
2027-06-17	2k	9k	3.85	62
2028-01-21	9k	2k	0.21	59

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