SCHW Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $110.58.

Put/Call (OI)

0.88

210k P / 239k C

Put/Call (Volume)

0.37

13k P / 35k C today

30d ATM IV

22%

annualized implied move

Call wall

$115

23k contracts

Put wall

$90

17k contracts

Tail hedging

5.4×

deep-OTM puts vs calls

What the positioning says

●Call wall at $115 (23k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $90 (17k contracts), 19% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 5.4× 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.

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	16k	26k	1.66	33k
2026-08-28	2k	6k	2.42	951
2026-09-04	778	1k	1.31	599
2026-09-11	2k	615	0.35	111
2026-09-18	54k	40k	0.75	9k
2026-09-25	382	123	0.32	65
2026-10-02	7	5	0.71	53
2026-10-16	14k	15k	1.07	1k
2026-11-20	4k	2k	0.57	208
2026-12-18	51k	24k	0.47	389
2027-01-15	50k	54k	1.08	364
2027-02-19	680	822	1.21	35
2027-03-19	10k	6k	0.57	256
2027-06-17	19k	20k	1.02	758
2028-01-21	9k	13k	1.36	1k
2028-12-15	5k	1k	0.27	65

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