NWS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $32.68.

Put/Call (OI)

0.04

39 P / 1k C

Put/Call (Volume)

—

4 P / 0 C today

30d ATM IV

43%

annualized implied move

Call wall

$35

789 contracts

Put wall

$30

17 contracts

Tail hedging

1.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.04 puts per call outstanding.
●Call wall at $35 (789 contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $30 (17 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	985	4	0.00	4
2026-09-18	1	19	19.00	0
2026-10-16	15	5	0.33	0
2027-01-15	21	11	0.52	0

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