RMD Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $220.53.

Put/Call (OI)

1.21

13k P / 11k C

Put/Call (Volume)

1.19

43 P / 36 C today

30d ATM IV

29%

annualized implied move

Call wall

$230

2k contracts

Put wall

$220

3k contracts

Tail hedging

1.4×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.21 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $230 (2k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $220 (3k contracts), 0% 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	6k	4k	0.70	21
2026-09-18	1k	4k	3.11	20
2026-10-16	1k	768	0.54	6
2027-01-15	2k	4k	1.96	32

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