T Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $24.71.

Put/Call (OI)

0.65

462k P / 705k C

Put/Call (Volume)

1.57

47k P / 30k C today

30d ATM IV

25%

annualized implied move

Call wall

$25

132k contracts

Put wall

$20

77k contracts

Tail hedging

1.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.65 puts per call outstanding.
●Call wall at $25 (132k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $20 (77k contracts), 19% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 25% — calm pricing; option premium is cheap.

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	119k	67k	0.57	49k
2026-08-28	28k	8k	0.27	4k
2026-09-04	9k	1k	0.16	1k
2026-09-11	1k	1k	0.77	423
2026-09-18	117k	99k	0.84	12k
2026-09-25	1k	542	0.38	334
2026-10-02	710	231	0.33	469
2026-10-16	58k	47k	0.81	5k
2026-11-20	2k	419	0.22	1k
2026-12-18	71k	57k	0.79	794
2027-01-15	165k	96k	0.58	2k
2027-03-19	14k	15k	1.05	842
2027-06-17	33k	27k	0.83	629
2027-10-15	3k	2k	0.61	90
2028-01-21	75k	34k	0.45	435
2028-04-21	7k	7k	1.04	266

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