L Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $112.38.

Put/Call (OI)

0.82

635 P / 770 C

Put/Call (Volume)

0.00

0 P / 2 C today

30d ATM IV

22%

annualized implied move

Call wall

$120

257 contracts

Put wall

$105

219 contracts

Tail hedging

1.9×

deep-OTM puts vs calls

What the positioning says

●Call wall at $120 (257 contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $105 (219 contracts), 7% below spot — the hedge floor; often acts as support.
●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	114	71	0.62	1
2026-09-18	422	228	0.54	1
2026-12-18	178	299	1.68	0
2027-03-19	56	37	0.66	0

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