RJF Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $179.76.

Put/Call (OI)

0.36

3k P / 10k C

Put/Call (Volume)

0.03

13 P / 470 C today

30d ATM IV

21%

annualized implied move

Call wall

$180

1k contracts

Put wall

$150

504 contracts

Tail hedging

1.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.36 puts per call outstanding.
●Call wall at $180 (1k contracts), 0% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $150 (504 contracts), 17% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 21% — 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.

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	2k	1k	0.52	191
2026-09-18	1k	738	0.56	11
2026-11-20	2k	193	0.11	199
2027-01-15	4k	1k	0.33	82
2027-02-19	326	17	0.05	0
2027-05-21	1	0	0.00	0

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