SWK Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $102.07.

Put/Call (OI)

0.23

16k P / 70k C

Put/Call (Volume)

0.44

139 P / 318 C today

30d ATM IV

29%

annualized implied move

Call wall

$115

24k contracts

Put wall

$90

2k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.23 puts per call outstanding.
●Call wall at $115 (24k contracts), 13% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $90 (2k contracts), 12% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.6× 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	4k	5k	1.29	109
2026-09-18	1k	770	0.58	128
2026-10-16	3k	2k	0.71	69
2027-01-15	56k	7k	0.12	100
2027-02-19	21	0	0.00	20
2027-05-21	4	2	0.50	3
2027-08-20	36	0	0.00	1
2028-01-21	6k	2k	0.32	27

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