QSR Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $77.16.

Put/Call (OI)

0.47

8k P / 18k C

Put/Call (Volume)

0.20

218 P / 1k C today

30d ATM IV

22%

annualized implied move

Call wall

$80

4k contracts

Put wall

$50

2k contracts

Tail hedging

2.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.47 puts per call outstanding.
●Call wall at $80 (4k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $50 (2k contracts), 35% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.3× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 22% — calm pricing; option premium is cheap.

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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	8k	2k	0.19	45
2026-09-18	3k	1k	0.50	96
2026-10-16	3k	2k	0.75	774
2027-01-15	3k	3k	0.97	284
2027-06-17	819	200	0.24	92

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