MKL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $1,799.2.

Put/Call (OI)

0.43

326 P / 758 C

Put/Call (Volume)

2.00

32 P / 16 C today

30d ATM IV

16%

annualized implied move

Call wall

$2,200

68 contracts

Put wall

$1,700

63 contracts

Tail hedging

0.0×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.43 puts per call outstanding.
●Call wall at $2,200 (68 contracts), 22% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $1,700 (63 contracts), 6% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 43.2× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 16% — 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	67	84	1.25	10
2026-09-18	17	62	3.65	6
2026-10-16	318	101	0.32	19
2027-01-15	299	54	0.18	6
2027-05-21	57	25	0.44	7

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