PWR Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $719.61.

Put/Call (OI)

1.72

34k P / 20k C

Put/Call (Volume)

0.75

2k P / 3k C today

30d ATM IV

43%

annualized implied move

Call wall

$740

879 contracts

Put wall

$560

5k contracts

Tail hedging

5.6×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.72 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $740 (879 contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $560 (5k contracts), 22% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 5.6× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	6k	12k	2.02	2k
2026-09-18	4k	14k	3.66	3k
2026-10-16	869	639	0.74	348
2026-11-20	1k	1k	0.86	369
2026-12-18	3k	1k	0.49	100
2027-01-15	3k	3k	1.02	51
2027-02-19	249	207	0.83	8
2027-03-19	611	392	0.64	18
2027-06-17	345	585	1.70	39
2028-01-21	1k	963	0.75	374

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