OVV Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $63.55.

Put/Call (OI)

0.68

14k P / 21k C

Put/Call (Volume)

0.94

89 P / 95 C today

30d ATM IV

35%

annualized implied move

Call wall

$65

7k contracts

Put wall

$55

6k contracts

Tail hedging

1.5×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.68 puts per call outstanding.
●Call wall at $65 (7k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $55 (6k contracts), 13% 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	4k	4k	0.88	122
2026-09-18	1k	853	0.85	23
2026-10-16	9k	7k	0.78	31
2027-01-15	6k	2k	0.29	3
2027-03-19	59	13	0.22	2
2027-05-21	10	4	0.40	0
2027-08-20	4	77	19.25	2
2027-11-19	10	75	7.50	1
2028-01-21	1k	1k	1.12	0

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