WCN Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $164.43.

Put/Call (OI)

0.61

4k P / 6k C

Put/Call (Volume)

0.83

208 P / 251 C today

30d ATM IV

20%

annualized implied move

Call wall

$195

2k contracts

Put wall

$155

679 contracts

Tail hedging

0.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.61 puts per call outstanding.
●Call wall at $195 (2k contracts), 19% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $155 (679 contracts), 6% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 5.4× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 20% — 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	5k	2k	0.54	446
2026-09-18	877	1k	1.23	7
2026-10-16	126	3	0.02	0
2026-12-18	371	97	0.26	1
2027-03-19	15	7	0.47	5

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