TER Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $442.52.

Put/Call (OI)

1.06

48k P / 45k C

Put/Call (Volume)

0.93

6k P / 6k C today

30d ATM IV

72%

annualized implied move

Call wall

$510

4k contracts

Put wall

$300

3k contracts

Tail hedging

3.5×

deep-OTM puts vs calls

What the positioning says

●Call wall at $510 (4k contracts), 15% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $300 (3k contracts), 32% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.5× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 72% — the market prices very large moves; option premium is expensive.

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	19k	14k	0.76	8k
2026-08-28	1k	1k	1.06	528
2026-09-04	809	1k	1.38	697
2026-09-11	215	590	2.74	225
2026-09-18	3k	6k	1.79	1k
2026-09-25	112	824	7.36	118
2026-10-02	12	16	1.33	50
2026-10-16	3k	7k	2.16	369
2026-11-20	4k	4k	0.98	183
2027-01-15	8k	9k	1.15	530
2027-12-17	3k	2k	0.59	129
2028-01-21	3k	2k	0.88	334

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