KSPI Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $98.53.

Put/Call (OI)

1.78

7k P / 4k C

Put/Call (Volume)

0.57

35 P / 61 C today

30d ATM IV

33%

annualized implied move

Call wall

$100

861 contracts

Put wall

$70

2k contracts

Tail hedging

10.3×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.78 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $100 (861 contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $70 (2k contracts), 29% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 10.3× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	1k	2k	2.40	25
2026-09-18	2k	3k	1.70	24
2026-12-18	1k	2k	1.94	36
2027-03-19	447	101	0.23	11

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