THC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $267.06.

Put/Call (OI)

1.35

26k P / 19k C

Put/Call (Volume)

1.57

69 P / 44 C today

30d ATM IV

32%

annualized implied move

Call wall

$270

1k contracts

Put wall

$185

5k contracts

Tail hedging

17.0×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.35 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $270 (1k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $185 (5k contracts), 31% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 17.0× 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.

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	12k	19k	1.61	30
2026-09-18	2k	4k	1.98	23
2026-11-20	1k	1k	0.80	47
2026-12-18	830	500	0.60	7
2027-01-15	2k	1k	0.57	2
2027-02-19	205	49	0.24	4
2028-01-21	953	509	0.53	0

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