KVUE Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $18.79.

Put/Call (OI)

0.39

54k P / 136k C

Put/Call (Volume)

0.87

597 P / 688 C today

30d ATM IV

22%

annualized implied move

Call wall

$20

33k contracts

Put wall

$18

13k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.39 puts per call outstanding.
●Call wall at $20 (33k contracts), 6% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $18 (13k contracts), 4% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.5× deep-OTM put OI — speculative upside positioning dominates the tails.
●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	9k	6k	0.62	317
2026-08-28	224	75	0.33	22
2026-09-04	1k	61	0.05	33
2026-09-11	1k	211	0.15	6
2026-09-18	46k	12k	0.26	72
2026-09-25	24	1	0.04	10
2026-10-02	20	0	0.00	2
2026-11-20	4k	4k	1.15	327
2026-12-18	8k	6k	0.72	8
2027-01-15	51k	15k	0.29	34
2027-02-19	408	3	0.01	1
2027-03-19	307	573	1.87	4
2027-06-17	567	450	0.79	113
2027-12-17	5k	561	0.12	4
2028-01-21	9k	9k	0.99	332

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