RL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $384.88.

Put/Call (OI)

1.34

4k P / 3k C

Put/Call (Volume)

0.27

58 P / 213 C today

30d ATM IV

30%

annualized implied move

Call wall

$430

523 contracts

Put wall

$370

858 contracts

Tail hedging

1.2×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.34 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $430 (523 contracts), 12% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $370 (858 contracts), 4% below spot — the hedge floor; often acts as support.

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	784	2k	2.35	201
2026-09-18	212	237	1.12	15
2026-10-16	820	1k	1.56	40
2026-11-20	453	380	0.84	4
2027-01-15	832	419	0.50	11

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