VLO Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $347.19.

Put/Call (OI)

1.05

69k P / 66k C

Put/Call (Volume)

5.97

25k P / 4k C today

30d ATM IV

41%

annualized implied move

Call wall

$380

4k contracts

Put wall

$280

17k contracts

Tail hedging

16.8×

deep-OTM puts vs calls

What the positioning says

●Call wall at $380 (4k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $280 (17k contracts), 19% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 16.8× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	10k	9k	0.98	2k
2026-08-28	786	1k	1.65	692
2026-09-04	389	370	0.95	284
2026-09-11	427	232	0.54	242
2026-09-18	22k	14k	0.65	3k
2026-09-25	218	217	1.00	157
2026-10-02	30	23	0.77	23
2026-10-16	420	137	0.33	648
2026-12-18	12k	24k	2.08	21k
2027-01-15	12k	14k	1.12	251
2027-03-19	930	620	0.67	163
2027-06-17	513	272	0.53	134
2027-12-17	1k	2k	1.15	35
2028-01-21	4k	2k	0.45	28
2028-12-15	2k	1k	0.72	28

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