TRI Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $99.1.

Put/Call (OI)

2.59

11k P / 4k C

Put/Call (Volume)

0.20

14 P / 70 C today

30d ATM IV

46%

annualized implied move

Call wall

$115

1k contracts

Put wall

$95

3k contracts

Tail hedging

2.1×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 2.59 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $115 (1k contracts), 16% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $95 (3k contracts), 4% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.1× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	2k	4k	2.12	41
2026-09-18	280	5k	16.64	13
2026-10-16	444	754	1.70	18
2026-12-18	696	646	0.93	0
2027-01-15	721	379	0.53	12

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