TCOM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $45.3.

Put/Call (OI)

1.17

80k P / 68k C

Put/Call (Volume)

1.02

1k P / 1k C today

30d ATM IV

36%

annualized implied move

Call wall

$50

15k contracts

Put wall

$40

25k contracts

Tail hedging

0.8×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.17 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $50 (15k contracts), 10% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $40 (25k contracts), 12% 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	8k	32k	4.08	480
2026-09-18	15k	16k	1.09	336
2026-12-18	6k	7k	1.01	33
2027-01-15	27k	16k	0.58	2k
2027-03-19	708	2k	2.23	140
2027-06-17	4k	6k	1.81	1
2028-01-21	8k	2k	0.23	417

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