STLD Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $258.16.

Put/Call (OI)

0.55

11k P / 21k C

Put/Call (Volume)

0.40

194 P / 481 C today

30d ATM IV

39%

annualized implied move

Call wall

$300

2k contracts

Put wall

$220

1k contracts

Tail hedging

1.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.55 puts per call outstanding.
●Call wall at $300 (2k contracts), 16% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $220 (1k contracts), 15% 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.

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	6k	3k	0.55	257
2026-09-18	5k	3k	0.50	136
2026-11-20	1k	1k	1.15	118
2026-12-18	2k	700	0.35	78
2027-01-15	2k	1k	0.67	43
2027-02-19	113	89	0.79	1
2027-03-19	701	615	0.88	24
2027-06-17	2k	226	0.15	2
2028-01-21	2k	969	0.59	7
2028-12-15	287	62	0.22	9

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