TMO Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $585.51.

Put/Call (OI)

0.87

26k P / 30k C

Put/Call (Volume)

1.90

1k P / 695 C today

30d ATM IV

27%

annualized implied move

Call wall

$600

3k contracts

Put wall

$540

2k contracts

Tail hedging

2.8×

deep-OTM puts vs calls

What the positioning says

●Call wall at $600 (3k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $540 (2k contracts), 8% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.8× 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	6k	4k	0.61	1k
2026-08-28	264	388	1.47	65
2026-09-04	101	104	1.03	5
2026-09-11	88	28	0.32	20
2026-09-18	8k	7k	0.87	144
2026-09-25	27	1k	53.44	7
2026-10-02	0	0	—	0
2026-10-16	21	16	0.76	15
2026-11-20	79	56	0.71	5
2026-12-18	4k	4k	1.00	10
2027-01-15	7k	7k	0.91	278
2027-03-19	1k	1k	1.27	4
2027-06-17	651	477	0.73	12
2028-01-21	3k	1k	0.46	25
2028-12-15	215	75	0.35	6

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