ON Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $83.4.

Put/Call (OI)

0.84

141k P / 169k C

Put/Call (Volume)

0.70

7k P / 10k C today

30d ATM IV

56%

annualized implied move

Call wall

$145

18k contracts

Put wall

$50

15k contracts

Tail hedging

0.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $145 (18k contracts), 74% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $50 (15k contracts), 40% 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	24k	26k	1.07	4k
2026-08-28	3k	3k	0.90	4k
2026-09-04	5k	4k	0.80	1k
2026-09-11	612	854	1.40	234
2026-09-18	39k	29k	0.75	3k
2026-09-25	167	145	0.87	58
2026-10-02	5	10	2.00	150
2026-10-16	18k	15k	0.79	2k
2026-12-18	11k	6k	0.57	382
2027-01-15	30k	30k	1.02	1k
2027-02-19	1k	3k	2.37	63
2027-03-19	4k	5k	1.14	59
2027-05-21	5k	6k	1.35	4
2027-06-17	2k	3k	1.50	50
2027-08-20	6k	8k	1.24	11
2028-01-21	21k	5k	0.22	119

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