TECK Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $64.98.

Put/Call (OI)

0.54

29k P / 54k C

Put/Call (Volume)

0.12

203 P / 2k C today

30d ATM IV

45%

annualized implied move

Call wall

$70

18k contracts

Put wall

$55

6k contracts

Tail hedging

3.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.54 puts per call outstanding.
●Call wall at $70 (18k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $55 (6k contracts), 15% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.4× 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	11k	7k	0.65	525
2026-08-28	141	156	1.11	93
2026-09-04	2k	97	0.06	32
2026-09-11	72	185	2.57	12
2026-09-18	28k	6k	0.22	587
2026-09-25	20	21	1.05	25
2026-10-02	2	0	0.00	8
2026-10-16	49	44	0.90	52
2026-11-20	413	2k	3.63	302
2026-12-18	3k	1k	0.44	208
2027-01-15	7k	12k	1.64	2
2027-02-19	56	16	0.29	0
2027-03-19	220	375	1.70	6
2027-06-17	11	110	10.00	0
2028-01-21	2k	156	0.08	3

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