SHOP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $148.5.

Put/Call (OI)

0.53

284k P / 533k C

Put/Call (Volume)

0.67

18k P / 27k C today

30d ATM IV

45%

annualized implied move

Call wall

$160

93k contracts

Put wall

$110

32k contracts

Tail hedging

1.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.53 puts per call outstanding.
●Call wall at $160 (93k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $110 (32k contracts), 26% 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	49k	44k	0.89	27k
2026-08-28	7k	16k	2.39	2k
2026-09-04	3k	2k	0.76	925
2026-09-11	2k	820	0.39	318
2026-09-18	294k	45k	0.15	7k
2026-09-25	594	410	0.69	136
2026-10-02	46	21	0.46	505
2026-10-16	60k	29k	0.48	742
2026-11-20	12k	8k	0.68	557
2026-12-18	20k	25k	1.28	3k
2027-01-15	40k	48k	1.18	856
2027-03-19	7k	6k	0.75	124
2027-06-17	10k	14k	1.38	2k
2027-09-17	2k	4k	1.68	335
2027-12-17	4k	8k	2.02	121
2028-01-21	13k	21k	1.54	116
2028-12-15	9k	14k	1.52	170

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