TW Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $105.17.

Put/Call (OI)

0.25

361 P / 1k C

Put/Call (Volume)

0.69

33 P / 48 C today

30d ATM IV

24%

annualized implied move

Call wall

$110

909 contracts

Put wall

$100

71 contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.25 puts per call outstanding.
●Call wall at $110 (909 contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $100 (71 contracts), 5% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.4× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 24% — 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	164	209	1.27	24
2026-09-18	817	61	0.07	36
2026-10-16	332	41	0.12	5
2027-01-15	109	50	0.46	16

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