TM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $189.55.

Put/Call (OI)

1.08

9k P / 8k C

Put/Call (Volume)

0.36

148 P / 414 C today

30d ATM IV

23%

annualized implied move

Call wall

$200

1k contracts

Put wall

$170

1k contracts

Tail hedging

1.5×

deep-OTM puts vs calls

What the positioning says

●Call wall at $200 (1k contracts), 6% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $170 (1k contracts), 10% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 23% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	1k	2k	1.69	140
2026-09-18	2k	2k	0.99	308
2026-10-16	777	737	0.95	21
2026-12-18	636	326	0.51	16
2027-01-15	2k	2k	1.19	24
2027-03-19	36	212	5.89	5
2027-06-17	66	14	0.21	4
2028-01-21	1k	981	0.76	44

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