TSN Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $58.61.

Put/Call (OI)

0.61

18k P / 29k C

Put/Call (Volume)

0.77

640 P / 831 C today

30d ATM IV

23%

annualized implied move

Call wall

$60

6k contracts

Put wall

$50

4k contracts

Tail hedging

0.5×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.61 puts per call outstanding.
●Call wall at $60 (6k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $50 (4k contracts), 15% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 23% — 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.

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	10k	3k	0.30	651
2026-09-18	5k	4k	0.77	532
2026-10-16	936	1k	1.20	22
2026-12-18	2k	2k	1.14	97
2027-01-15	9k	5k	0.61	159
2027-03-19	681	761	1.12	5
2027-06-17	231	115	0.50	4
2028-01-21	1k	1k	0.87	1

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