UMC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $19.56.

Put/Call (OI)

0.45

72k P / 160k C

Put/Call (Volume)

0.49

865 P / 2k C today

30d ATM IV

62%

annualized implied move

Call wall

$20

39k contracts

Put wall

$19

8k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.45 puts per call outstanding.
●Call wall at $20 (39k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $19 (8k contracts), 3% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.3× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 62% — the market prices very large moves; option premium is expensive.

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	25k	16k	0.63	305
2026-09-18	54k	9k	0.16	1k
2026-10-16	43k	24k	0.57	759
2027-01-15	31k	20k	0.66	361
2028-01-21	7k	3k	0.41	9

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