TEL Options Chain Analysis

As of previous close (2026-09-11) · OPRA historical data

Spot $204.63 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.75

7k P / 10k C

Put/Call (Volume)

0.23

82 P / 353 C that session

30d ATM IV

32%

annualized implied move

Call wall

$220

2k contracts

Put wall

$200

2k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Call wall at $220 (2k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $200 (2k contracts), 2% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.7× deep-OTM put OI — speculative upside positioning dominates the tails.

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 2026-10-16. A steep left side = expensive downside protection.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume that session
2026-09-18	4k	2k	0.49	151
2026-10-16	1k	791	0.70	246
2026-11-20	716	2k	2.51	2
2026-12-18	855	1k	1.34	3
2027-01-15	2k	1k	0.52	1
2027-02-19	204	116	0.57	0
2027-04-16	5	24	4.80	0
2027-05-21	114	33	0.29	31
2027-08-20	35	17	0.49	1
2027-11-19	116	123	1.06	0

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.