QXO Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $14.02.

Put/Call (OI)

0.28

117k P / 424k C

Put/Call (Volume)

0.94

11k P / 12k C today

30d ATM IV

60%

annualized implied move

Call wall

$25

114k contracts

Put wall

$13

17k contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.28 puts per call outstanding.
●Call wall at $25 (114k contracts), 78% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $13 (17k contracts), 7% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 17.7× 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	87k	27k	0.31	4k
2026-08-28	2k	2k	0.74	1k
2026-09-04	296	3k	10.12	6k
2026-09-11	367	462	1.26	650
2026-09-18	28k	18k	0.63	3k
2026-09-25	57	290	5.09	451
2026-10-02	26	3	0.12	23
2026-10-16	20k	10k	0.50	2k
2026-11-20	29k	14k	0.50	2k
2027-01-15	91k	26k	0.29	3k
2027-02-19	698	1k	2.06	57
2027-03-19	113k	2k	0.01	62
2027-06-17	3k	2k	0.62	151
2027-09-17	427	562	1.32	134
2027-12-17	20k	5k	0.24	374
2028-01-21	30k	7k	0.23	805

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