TWLO Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $233.7.

Put/Call (OI)

0.65

35k P / 54k C

Put/Call (Volume)

0.71

1k P / 1k C today

30d ATM IV

47%

annualized implied move

Call wall

$250

3k contracts

Put wall

$130

4k contracts

Tail hedging

2.0×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.65 puts per call outstanding.
●Call wall at $250 (3k contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $130 (4k contracts), 44% below spot — the hedge floor; often acts as support.

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	15k	8k	0.54	1k
2026-08-28	2k	1k	0.49	180
2026-09-04	358	421	1.18	77
2026-09-11	302	653	2.16	76
2026-09-18	10k	6k	0.66	457
2026-09-25	137	643	4.69	45
2026-10-02	1	3	3.00	2
2026-10-16	4k	2k	0.63	318
2026-11-20	2k	596	0.36	55
2026-12-18	4k	2k	0.59	77
2027-01-15	8k	5k	0.59	28
2027-02-19	538	1k	2.06	17
2027-03-19	955	426	0.45	7
2027-06-17	264	156	0.59	0
2028-01-21	8k	6k	0.84	4

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