ORLY Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $90.02.

Put/Call (OI)

0.42

18k P / 43k C

Put/Call (Volume)

0.06

114 P / 2k C today

30d ATM IV

27%

annualized implied move

Call wall

$100

8k contracts

Put wall

$85

3k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.42 puts per call outstanding.
●Call wall at $100 (8k contracts), 11% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $85 (3k contracts), 6% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.7× 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	11k	5k	0.50	896
2026-09-18	14k	7k	0.48	221
2026-11-20	5k	901	0.18	852
2026-12-18	1k	806	0.79	30
2027-01-15	6k	2k	0.36	26
2027-02-19	466	177	0.38	0
2027-03-19	847	858	1.01	41
2027-06-17	525	453	0.86	1
2028-01-21	4k	335	0.08	4

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