WAT Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $413.51.

Put/Call (OI)

2.01

2k P / 1k C

Put/Call (Volume)

0.02

3 P / 134 C today

30d ATM IV

30%

annualized implied move

Call wall

$420

195 contracts

Put wall

$340

583 contracts

Tail hedging

17.3×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 2.01 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $420 (195 contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $340 (583 contracts), 18% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 17.3× 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	645	2k	2.74	18
2026-09-18	75	253	3.37	112
2026-11-20	164	107	0.65	7
2027-01-15	240	148	0.62	0
2027-02-19	34	51	1.50	0

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