STZ Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $130.56.

Put/Call (OI)

0.84

43k P / 51k C

Put/Call (Volume)

1.74

5k P / 3k C today

30d ATM IV

27%

annualized implied move

Call wall

$140

6k contracts

Put wall

$130

7k contracts

Tail hedging

0.2×

deep-OTM puts vs calls

What the positioning says

●Call wall at $140 (6k contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $130 (7k contracts), 0% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 5.9× deep-OTM put OI — speculative upside positioning dominates the tails.

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	10k	7k	0.65	2k
2026-08-28	657	896	1.36	429
2026-09-04	68	203	2.99	136
2026-09-11	198	207	1.05	227
2026-09-18	8k	7k	0.78	2k
2026-09-25	32	45	1.41	72
2026-10-02	3	0	0.00	59
2026-10-16	3k	4k	1.18	402
2026-11-20	58	8	0.14	135
2026-12-18	4k	4k	1.06	578
2027-01-15	17k	9k	0.54	372
2027-03-19	2k	1k	0.49	708
2027-06-17	361	922	2.55	597
2028-01-21	5k	9k	1.89	673

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