MCD Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $265.98.

Put/Call (OI)

0.67

119k P / 178k C

Put/Call (Volume)

0.60

14k P / 23k C today

30d ATM IV

20%

annualized implied move

Call wall

$300

32k contracts

Put wall

$250

12k contracts

Tail hedging

0.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.67 puts per call outstanding.
●Call wall at $300 (32k contracts), 13% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $250 (12k contracts), 6% 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.
●30-day ATM implied volatility is 20% — 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	30k	17k	0.59	12k
2026-08-28	4k	3k	0.62	3k
2026-09-04	2k	2k	0.84	2k
2026-09-11	869	829	0.95	648
2026-09-18	37k	25k	0.67	7k
2026-09-25	279	693	2.48	628
2026-10-02	26	127	4.88	643
2026-10-16	15k	11k	0.75	4k
2026-11-20	11k	6k	0.58	1k
2026-12-18	15k	11k	0.71	1k
2027-01-15	27k	17k	0.64	2k
2027-03-19	6k	5k	0.80	1k
2027-06-17	14k	8k	0.59	1k
2027-12-17	4k	4k	0.98	188
2028-01-21	12k	9k	0.70	959

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