USFD Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $110.52.

Put/Call (OI)

0.39

4k P / 11k C

Put/Call (Volume)

0.06

13 P / 217 C today

30d ATM IV

23%

annualized implied move

Call wall

$115

8k contracts

Put wall

$100

960 contracts

Tail hedging

66.5×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.39 puts per call outstanding.
●Call wall at $115 (8k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $100 (960 contracts), 10% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 66.5× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 23% — 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	8k	4k	0.50	50
2026-09-18	484	71	0.15	11
2026-10-16	877	203	0.23	82
2027-01-15	2k	109	0.06	87

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