TXT Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $87.71.

Put/Call (OI)

0.49

5k P / 10k C

Put/Call (Volume)

0.48

16 P / 33 C today

30d ATM IV

27%

annualized implied move

Call wall

$105

2k contracts

Put wall

$85

3k contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.49 puts per call outstanding.
●Call wall at $105 (2k contracts), 20% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $85 (3k contracts), 3% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 8.9× 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.

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	3k	3k	0.96	10
2026-09-18	3k	994	0.32	29
2026-11-20	2k	451	0.18	6
2026-12-18	1k	426	0.37	4
2027-03-19	50	6	0.12	0

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