TU Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $9.69.

Put/Call (OI)

0.24

3k P / 12k C

Put/Call (Volume)

0.06

6 P / 107 C today

30d ATM IV

26%

annualized implied move

Call wall

$15

5k contracts

Put wall

$7.5

388 contracts

Tail hedging

0.0×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.24 puts per call outstanding.
●Call wall at $15 (5k contracts), 55% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $7.5 (388 contracts), 23% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 22.7× 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	1k	903	0.77	7
2026-09-18	3k	976	0.29	81
2026-10-16	14	0	0.00	0
2026-12-18	5k	799	0.15	3
2027-03-19	2k	188	0.10	22

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