TOL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-13. Spot $148.53.

Put/Call (OI)

1.29

15k P / 12k C

Put/Call (Volume)

2.03

431 P / 212 C today

30d ATM IV

38%

annualized implied move

Call wall

$175

1k contracts

Put wall

$125

2k contracts

Tail hedging

1.9×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.29 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $175 (1k contracts), 18% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $125 (2k contracts), 16% 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	2k	1k	0.49	226
2026-09-18	4k	5k	1.08	222
2026-12-18	865	700	0.81	10
2027-01-15	3k	7k	2.22	10
2027-03-19	132	282	2.14	18
2027-06-17	24	19	0.79	2
2028-01-21	1k	2k	1.55	155

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