UTES Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $77.87.

Put/Call (OI)

0.11

153 P / 1k C

Put/Call (Volume)

2.00

2 P / 1 C today

30d ATM IV

21%

annualized implied move

Call wall

$80

632 contracts

Put wall

$75

127 contracts

Tail hedging

0.0×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.11 puts per call outstanding.
●Call wall at $80 (632 contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $75 (127 contracts), 4% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 272.5× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 21% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	48	4	0.08	0
2026-09-18	1k	140	0.11	2
2026-12-18	49	9	0.18	0
2027-03-19	24	0	0.00	1

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