VMC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $278.15.

Put/Call (OI)

0.67

3k P / 4k C

Put/Call (Volume)

1.41

31 P / 22 C today

30d ATM IV

26%

annualized implied move

Call wall

$320

894 contracts

Put wall

$240

2k contracts

Tail hedging

0.6×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.67 puts per call outstanding.
●Call wall at $320 (894 contracts), 15% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $240 (2k contracts), 14% below spot — the hedge floor; often acts as support.

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	2k	798	0.48	3
2026-09-18	402	2k	4.58	19
2026-11-20	2k	277	0.16	19
2027-02-19	706	69	0.10	12

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