TD Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $121.18.

Put/Call (OI)

1.12

37k P / 33k C

Put/Call (Volume)

4.32

484 P / 112 C today

30d ATM IV

21%

annualized implied move

Call wall

$125

10k contracts

Put wall

$50

6k contracts

Tail hedging

11.4×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.12 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $125 (10k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $50 (6k contracts), 59% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 11.4× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 21% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	6k	5k	0.84	39
2026-09-18	4k	2k	0.48	46
2026-10-16	6k	9k	1.68	419
2027-01-15	11k	19k	1.77	61
2028-01-21	6k	1k	0.20	31

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