W Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-13. Spot $101.99.

Put/Call (OI)

1.12

103k P / 92k C

Put/Call (Volume)

0.42

1k P / 3k C today

30d ATM IV

54%

annualized implied move

Call wall

$105

11k contracts

Put wall

$65

11k contracts

Tail hedging

2.9×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.12 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $105 (11k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $65 (11k contracts), 36% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.9× 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 2026-09-11. A steep left side = expensive downside protection.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	19k	15k	0.79	2k
2026-08-28	918	1k	1.34	176
2026-09-04	495	2k	3.05	26
2026-09-11	160	1k	6.61	34
2026-09-18	13k	12k	0.87	496
2026-09-25	36	30	0.83	30
2026-10-02	0	0	—	0
2026-11-20	3k	11k	3.78	43
2026-12-18	7k	7k	1.01	27
2027-01-15	25k	34k	1.36	188
2027-02-19	404	72	0.18	3
2027-03-19	1k	376	0.26	2
2027-06-17	135	280	2.07	3
2027-08-20	9k	9k	0.99	8
2027-12-17	4k	6k	1.58	39
2028-01-21	4k	1k	0.33	14

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