SHW Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $349.97.

Put/Call (OI)

1.07

16k P / 15k C

Put/Call (Volume)

1.71

1k P / 621 C today

30d ATM IV

25%

annualized implied move

Call wall

$380

2k contracts

Put wall

$300

6k contracts

Tail hedging

2.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $380 (2k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $300 (6k contracts), 14% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.0× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 25% — 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	3k	7k	2.32	1k
2026-09-18	5k	4k	0.79	361
2026-12-18	2k	1k	0.56	31
2027-01-15	4k	3k	0.82	48
2027-03-19	429	310	0.72	5
2027-06-17	169	68	0.40	4
2028-01-21	1k	837	0.72	6

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