Q Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $142.54.

Put/Call (OI)

0.42

18k P / 44k C

Put/Call (Volume)

0.22

99 P / 453 C today

30d ATM IV

57%

annualized implied move

Call wall

$170

7k contracts

Put wall

$135

2k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.42 puts per call outstanding.
●Call wall at $170 (7k contracts), 19% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $135 (2k contracts), 5% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.8× 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	18k	9k	0.51	419
2026-09-18	6k	4k	0.57	52
2026-10-16	13k	2k	0.12	59
2026-11-20	2k	2k	0.83	8
2026-12-18	1k	947	0.87	8
2027-02-19	2k	861	0.52	0
2027-05-21	2k	390	0.20	6

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