TLN Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $359.03.

Put/Call (OI)

0.75

44k P / 58k C

Put/Call (Volume)

0.39

738 P / 2k C today

30d ATM IV

50%

annualized implied move

Call wall

$370

6k contracts

Put wall

$310

5k contracts

Tail hedging

0.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $370 (6k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $310 (5k contracts), 14% below spot — the hedge floor; often acts as support.

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	7k	0.78	1k
2026-08-28	2k	2k	0.95	185
2026-09-04	612	118	0.19	6
2026-09-11	141	301	2.13	11
2026-09-18	6k	6k	1.06	267
2026-09-25	82	31	0.38	259
2026-10-02	2	1	0.50	45
2026-10-16	5k	2k	0.37	49
2026-11-20	5k	510	0.10	263
2026-12-18	12k	8k	0.61	228
2027-01-15	12k	8k	0.68	51
2027-02-19	563	238	0.42	44
2027-03-19	314	211	0.67	25
2027-06-17	4k	8k	1.97	2
2028-01-21	1k	1k	1.42	6

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