TPR Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $128.2.

Put/Call (OI)

1.31

28k P / 22k C

Put/Call (Volume)

1.45

3k P / 2k C today

30d ATM IV

31%

annualized implied move

Call wall

$155

2k contracts

Put wall

$22.5

7k contracts

Tail hedging

1.2×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.31 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $155 (2k contracts), 21% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $22.5 (7k contracts), 82% 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	8k	10k	1.25	4k
2026-08-28	902	856	0.95	800
2026-09-04	190	165	0.87	124
2026-09-11	272	166	0.61	77
2026-09-18	3k	4k	1.47	205
2026-09-25	1k	172	0.17	76
2026-10-02	26	26	1.00	54
2026-11-20	1k	668	0.49	185
2026-12-18	1k	800	0.64	177
2027-01-15	5k	11k	2.28	47
2027-02-19	55	174	3.16	6
2027-03-19	248	252	1.02	8
2027-06-17	163	207	1.27	4
2028-01-21	938	485	0.52	101

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