MTD Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $1,417.42.

Put/Call (OI)

0.18

617 P / 3k C

Put/Call (Volume)

6.00

6 P / 1 C today

30d ATM IV

26%

annualized implied move

Call wall

$1,500

508 contracts

Put wall

$1,300

59 contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.18 puts per call outstanding.
●Call wall at $1,500 (508 contracts), 6% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $1,300 (59 contracts), 8% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 6.7× 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.

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	127	89	0.70	1
2026-09-18	23	24	1.04	4
2026-10-16	268	89	0.33	2
2026-11-20	1k	179	0.13	0
2027-01-15	672	34	0.05	0
2027-05-21	220	2	0.01	0
2027-08-20	2	0	0.00	0
2027-11-19	2	0	0.00	0
2027-12-17	839	200	0.24	0

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