SHEL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $90.09.

Put/Call (OI)

0.59

88k P / 149k C

Put/Call (Volume)

0.21

2k P / 9k C today

30d ATM IV

22%

annualized implied move

Call wall

$95

23k contracts

Put wall

$87.5

8k contracts

Tail hedging

1.8×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.59 puts per call outstanding.
●Call wall at $95 (23k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $87.5 (8k contracts), 3% below spot — the hedge floor; often acts as support.
●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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	28k	11k	0.40	2k
2026-08-28	765	113	0.15	118
2026-09-04	517	388	0.75	2k
2026-09-11	364	86	0.24	29
2026-09-18	23k	21k	0.91	3k
2026-09-25	31	6	0.19	91
2026-10-02	11	8	0.73	71
2026-10-16	28k	9k	0.34	623
2026-12-18	15k	20k	1.33	202
2027-01-15	33k	13k	0.39	333
2027-03-19	3k	3k	1.19	1k
2027-06-17	6k	4k	0.63	183
2028-01-21	13k	6k	0.48	907

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