PCG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $17.5.

Put/Call (OI)

0.17

271k P / 1.6M C

Put/Call (Volume)

0.35

20k P / 57k C today

30d ATM IV

54%

annualized implied move

Call wall

$20

343k contracts

Put wall

$17

87k contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.17 puts per call outstanding.
●Call wall at $20 (343k contracts), 14% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $17 (87k contracts), 3% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 10.1× 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	109k	23k	0.21	4k
2026-08-28	3k	6k	1.86	1k
2026-09-04	10k	7k	0.67	494
2026-09-11	1k	1k	0.84	154
2026-09-18	1.2M	118k	0.10	42k
2026-09-25	16k	374	0.02	273
2026-10-02	131	154	1.18	82
2026-10-16	23k	10k	0.42	3k
2026-12-18	137k	9k	0.07	308
2027-01-15	96k	67k	0.70	12k
2027-03-19	7k	11k	1.46	676
2027-06-17	3k	14k	4.24	2k
2028-01-21	29k	4k	0.13	10k

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