OWL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $11.62.

Put/Call (OI)

2.09

679k P / 325k C

Put/Call (Volume)

1.37

9k P / 6k C today

30d ATM IV

41%

annualized implied move

Call wall

$13

50k contracts

Put wall

$11

131k contracts

Tail hedging

1.8×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 2.09 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $13 (50k contracts), 12% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $11 (131k contracts), 5% 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	45k	218k	4.87	3k
2026-08-28	2k	61k	28.89	695
2026-09-04	691	583	0.84	100
2026-09-11	2k	914	0.45	125
2026-09-18	22k	102k	4.66	3k
2026-09-25	855	153	0.18	101
2026-10-02	4	6	1.50	9
2026-10-16	41k	39k	0.94	800
2026-11-20	17k	18k	1.08	1k
2026-12-18	15k	4k	0.27	698
2027-01-15	64k	116k	1.83	4k
2027-02-19	11k	15k	1.32	614
2027-05-21	0	0	—	16
2027-08-20	0	0	—	50
2027-11-19	0	0	—	0
2028-01-21	105k	104k	0.99	562

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