SKM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $39.18.

Put/Call (OI)

0.36

41k P / 113k C

Put/Call (Volume)

0.01

124 P / 9k C today

30d ATM IV

61%

annualized implied move

Call wall

$50

23k contracts

Put wall

$30

14k contracts

Tail hedging

0.6×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.36 puts per call outstanding.
●Call wall at $50 (23k contracts), 28% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $30 (14k contracts), 23% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 61% — 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	18k	10k	0.55	33
2026-09-18	40k	16k	0.39	9k
2026-12-18	20k	7k	0.38	61
2027-01-15	34k	8k	0.23	199
2027-03-19	1k	310	0.31	28

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