SITM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $709.27.

Put/Call (OI)

0.82

6k P / 7k C

Put/Call (Volume)

1.87

224 P / 120 C today

30d ATM IV

73%

annualized implied move

Call wall

$750

371 contracts

Put wall

$700

574 contracts

Tail hedging

1.6×

deep-OTM puts vs calls

What the positioning says

●Call wall at $750 (371 contracts), 6% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $700 (574 contracts), 1% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 73% — the market prices very large moves; option premium is expensive.

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	3k	3k	0.86	119
2026-09-18	844	744	0.88	15
2026-11-20	1k	879	0.62	14
2026-12-18	697	1k	1.53	27
2027-02-19	461	214	0.46	26
2027-12-17	279	35	0.13	143

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