OXY Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $58.99.

Put/Call (OI)

0.51

279k P / 552k C

Put/Call (Volume)

0.62

10k P / 15k C today

30d ATM IV

32%

annualized implied move

Call wall

$60

90k contracts

Put wall

$40

30k contracts

Tail hedging

0.8×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.51 puts per call outstanding.
●Call wall at $60 (90k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $40 (30k contracts), 32% 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	90k	39k	0.43	9k
2026-08-28	5k	2k	0.34	2k
2026-09-04	2k	817	0.53	452
2026-09-11	1k	440	0.35	148
2026-09-18	93k	61k	0.66	8k
2026-09-25	555	139	0.25	83
2026-10-02	23	30	1.30	77
2026-10-16	10k	6k	0.54	2k
2026-11-20	26k	16k	0.62	2k
2026-12-18	58k	31k	0.54	212
2027-01-15	180k	69k	0.39	942
2027-02-19	5k	1k	0.24	43
2027-03-19	11k	11k	1.06	234
2027-06-17	24k	15k	0.63	110
2028-01-21	32k	21k	0.64	129
2028-12-15	15k	6k	0.38	51

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