TXN Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $272.

Put/Call (OI)

0.82

120k P / 146k C

Put/Call (Volume)

1.18

10k P / 8k C today

30d ATM IV

40%

annualized implied move

Call wall

$300

12k contracts

Put wall

$220

14k contracts

Tail hedging

0.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $300 (12k contracts), 10% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $220 (14k contracts), 19% 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	36k	22k	0.62	7k
2026-08-28	3k	4k	1.76	2k
2026-09-04	1k	4k	3.13	706
2026-09-11	462	869	1.88	321
2026-09-18	25k	30k	1.18	3k
2026-09-25	122	307	2.52	386
2026-10-02	16	5	0.31	264
2026-10-16	11k	9k	0.81	1k
2026-11-20	6k	4k	0.65	353
2026-12-18	11k	11k	0.93	1k
2027-01-15	32k	18k	0.57	744
2027-02-19	32	62	1.94	101
2027-03-19	6k	5k	0.77	181
2027-06-17	6k	6k	1.05	305
2028-01-21	8k	5k	0.63	243

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