TRP Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $63.28.

Put/Call (OI)

0.36

4k P / 10k C

Put/Call (Volume)

0.73

16 P / 22 C today

30d ATM IV

19%

annualized implied move

Call wall

$75

2k contracts

Put wall

$62.5

1k contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.36 puts per call outstanding.
●Call wall at $75 (2k contracts), 19% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $62.5 (1k contracts), 1% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 7.3× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 19% — calm pricing; option premium is cheap.

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	5k	2k	0.46	2
2026-09-18	908	451	0.50	15
2026-10-16	27	42	1.56	2
2026-11-20	4k	495	0.14	3
2027-02-19	266	208	0.78	16

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