TOST Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $34.5.

Put/Call (OI)

0.59

122k P / 205k C

Put/Call (Volume)

0.64

3k P / 5k C today

30d ATM IV

39%

annualized implied move

Call wall

$50

38k contracts

Put wall

$20

26k contracts

Tail hedging

1.0×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.59 puts per call outstanding.
●Call wall at $50 (38k contracts), 45% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $20 (26k contracts), 42% 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	23k	16k	0.71	2k
2026-08-28	7k	1k	0.18	725
2026-09-04	1k	999	0.79	85
2026-09-11	2k	991	0.65	41
2026-09-18	42k	15k	0.37	1k
2026-09-25	124	59	0.48	27
2026-10-02	28	0	0.00	22
2026-10-16	8k	3k	0.36	437
2026-11-20	332	511	1.54	64
2026-12-18	16k	13k	0.79	2k
2027-01-15	82k	61k	0.74	206
2027-03-19	1k	746	0.52	132
2028-01-21	22k	10k	0.43	438

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