SO Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $92.4.

Put/Call (OI)

0.79

50k P / 62k C

Put/Call (Volume)

0.27

757 P / 3k C today

30d ATM IV

18%

annualized implied move

Call wall

$100

16k contracts

Put wall

$75

7k contracts

Tail hedging

1.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $100 (16k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $75 (7k contracts), 19% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 18% — 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	15k	11k	0.75	664
2026-08-28	2k	327	0.18	194
2026-09-04	1k	43	0.03	74
2026-09-11	98	53	0.54	79
2026-09-18	17k	14k	0.87	1k
2026-09-25	98	96	0.98	7
2026-10-02	6	10	1.67	9
2026-11-20	6k	4k	0.73	160
2026-12-18	3k	4k	1.55	99
2027-01-15	10k	9k	0.90	1k
2027-02-19	325	135	0.42	19
2027-03-19	5k	5k	0.95	24
2027-06-17	639	303	0.47	27
2028-01-21	3k	731	0.25	14

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