LTM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $52.29.

Put/Call (OI)

0.73

3k P / 4k C

Put/Call (Volume)

1.60

8 P / 5 C today

30d ATM IV

46%

annualized implied move

Call wall

$60

1k contracts

Put wall

$50

911 contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Call wall at $60 (1k contracts), 15% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $50 (911 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.

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	172	135	0.78	0
2026-09-18	1k	816	0.60	5
2026-11-20	1k	2k	1.18	0
2026-12-18	1k	465	0.35	1
2027-03-19	11	47	4.27	7

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