MKC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $54.46.

Put/Call (OI)

0.52

20k P / 39k C

Put/Call (Volume)

0.93

187 P / 201 C today

30d ATM IV

30%

annualized implied move

Call wall

$60

13k contracts

Put wall

$50

7k contracts

Tail hedging

0.5×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.52 puts per call outstanding.
●Call wall at $60 (13k contracts), 10% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $50 (7k contracts), 8% below spot — the hedge floor; often acts as support.

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	5k	3k	0.63	83
2026-09-18	15k	10k	0.63	148
2026-12-18	4k	2k	0.60	100
2027-01-15	12k	3k	0.24	13
2027-03-19	1k	1k	1.33	27
2027-06-17	899	501	0.56	17

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