TRGP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $297.77.

Put/Call (OI)

0.18

2k P / 13k C

Put/Call (Volume)

0.09

122 P / 1k C today

30d ATM IV

29%

annualized implied move

Call wall

$300

2k contracts

Put wall

$250

561 contracts

Tail hedging

1.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.18 puts per call outstanding.
●Call wall at $300 (2k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $250 (561 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	4k	890	0.21	294
2026-09-18	4k	572	0.14	1k
2026-10-16	793	192	0.24	111
2026-11-20	2	8	4.00	37
2026-12-18	2k	372	0.16	15
2027-01-15	604	135	0.22	28
2027-03-19	869	151	0.17	25
2027-06-17	68	20	0.29	22

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