TDG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $1,234.09.

Put/Call (OI)

1.57

5k P / 3k C

Put/Call (Volume)

21.41

621 P / 29 C today

30d ATM IV

27%

annualized implied move

Call wall

$1,380

235 contracts

Put wall

$1,040

655 contracts

Tail hedging

2.0×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.57 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $1,380 (235 contracts), 12% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $1,040 (655 contracts), 16% 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.

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	775	2k	3.00	643
2026-09-18	790	2k	1.96	3
2026-11-20	473	164	0.35	2
2026-12-18	490	379	0.77	0
2027-02-19	363	153	0.42	0
2027-12-17	28	7	0.25	2

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