O Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $62.4.

Put/Call (OI)

0.76

60k P / 78k C

Put/Call (Volume)

0.64

1k P / 2k C today

30d ATM IV

15%

annualized implied move

Call wall

$65

19k contracts

Put wall

$60

11k contracts

Tail hedging

1.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $65 (19k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $60 (11k contracts), 4% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 15% — 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	15k	14k	0.91	1k
2026-09-18	18k	17k	0.91	2k
2026-12-18	15k	9k	0.58	518
2027-01-15	20k	14k	0.69	161
2027-03-19	2k	1k	0.83	109
2027-06-17	2k	1k	0.67	42
2028-01-21	6k	4k	0.62	169

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