TFC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $52.55.

Put/Call (OI)

0.79

65k P / 82k C

Put/Call (Volume)

1.08

10k P / 9k C today

30d ATM IV

21%

annualized implied move

Call wall

$55

24k contracts

Put wall

$45

17k contracts

Tail hedging

3.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $55 (24k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $45 (17k contracts), 14% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.0× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 21% — calm pricing; option premium is cheap.

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	9k	9k	0.98	594
2026-09-18	22k	22k	0.97	1k
2026-10-16	5k	1k	0.26	16k
2026-11-20	4k	1k	0.31	97
2026-12-18	9k	3k	0.36	129
2027-01-15	21k	17k	0.80	53
2027-03-19	4k	4k	1.07	28
2027-06-17	4k	5k	1.27	75
2028-01-21	2k	2k	0.89	26
2028-12-15	2k	580	0.37	6

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