TRU Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $78.7.

Put/Call (OI)

0.58

3k P / 5k C

Put/Call (Volume)

0.90

9 P / 10 C today

30d ATM IV

45%

annualized implied move

Call wall

$90

1k contracts

Put wall

$65

632 contracts

Tail hedging

0.5×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.58 puts per call outstanding.
●Call wall at $90 (1k contracts), 14% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $65 (632 contracts), 17% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.1× 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	2k	0.90	11
2026-09-18	1k	215	0.16	8
2026-12-18	64	84	1.31	0
2027-01-15	1k	220	0.21	0
2027-03-19	4	5	1.25	0
2028-01-21	117	35	0.30	0

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