STRL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $606.5.

Put/Call (OI)

0.80

8k P / 10k C

Put/Call (Volume)

1.05

815 P / 777 C today

30d ATM IV

63%

annualized implied move

Call wall

$850

443 contracts

Put wall

$500

536 contracts

Tail hedging

1.1×

deep-OTM puts vs calls

What the positioning says

●Call wall at $850 (443 contracts), 40% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $500 (536 contracts), 18% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 63% — 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.

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	4k	3k	0.89	649
2026-09-18	2k	2k	0.76	634
2026-12-18	2k	2k	0.94	208
2027-01-15	273	391	1.43	36
2027-03-19	1k	258	0.21	65

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