TEAM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $157.19.

Put/Call (OI)

0.71

78k P / 109k C

Put/Call (Volume)

1.10

3k P / 2k C today

30d ATM IV

60%

annualized implied move

Call wall

$165

5k contracts

Put wall

$130

6k contracts

Tail hedging

3.2×

deep-OTM puts vs calls

What the positioning says

●Call wall at $165 (5k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $130 (6k contracts), 17% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.2× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	24k	15k	0.62	1k
2026-08-28	2k	1k	0.76	1k
2026-09-04	788	1k	1.46	160
2026-09-11	462	403	0.87	435
2026-09-18	30k	27k	0.89	1k
2026-09-25	175	138	0.79	34
2026-10-02	7	58	8.29	5
2026-10-16	4k	3k	0.63	167
2026-11-20	127	599	4.72	156
2026-12-18	7k	5k	0.69	142
2027-01-15	26k	14k	0.53	268
2027-03-19	3k	2k	0.59	44
2027-06-17	5k	1k	0.22	22
2028-01-21	7k	8k	1.22	124

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