STM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $56.35.

Put/Call (OI)

0.74

171k P / 233k C

Put/Call (Volume)

0.30

3k P / 8k C today

30d ATM IV

54%

annualized implied move

Call wall

$60

26k contracts

Put wall

$50

18k contracts

Tail hedging

0.9×

deep-OTM puts vs calls

What the positioning says

●Call wall at $60 (26k contracts), 6% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $50 (18k contracts), 11% 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	69k	29k	0.43	2k
2026-08-28	2k	2k	1.09	968
2026-09-04	299	421	1.41	165
2026-09-11	273	92	0.34	70
2026-09-18	14k	6k	0.42	3k
2026-09-25	56	11	0.20	66
2026-10-02	0	3	—	59
2026-10-16	34k	24k	0.71	2k
2026-11-20	21k	15k	0.71	948
2027-01-15	56k	43k	0.76	985
2027-11-19	5k	3k	0.63	266
2028-01-21	32k	49k	1.53	666

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