TPL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $359.83.

Put/Call (OI)

0.69

13k P / 18k C

Put/Call (Volume)

0.27

162 P / 607 C today

30d ATM IV

46%

annualized implied move

Call wall

$560

2k contracts

Put wall

$300

3k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.69 puts per call outstanding.
●Call wall at $560 (2k contracts), 56% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $300 (3k contracts), 17% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.5× deep-OTM put OI — speculative upside positioning dominates the tails.

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	3k	893	0.29	104
2026-09-18	652	844	1.29	211
2026-10-16	8k	7k	0.82	229
2027-01-15	6k	4k	0.66	225

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