WDAY Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $191.05.

Put/Call (OI)

0.94

99k P / 104k C

Put/Call (Volume)

0.43

8k P / 19k C today

30d ATM IV

58%

annualized implied move

Call wall

$200

19k contracts

Put wall

$120

11k contracts

Tail hedging

3.0×

deep-OTM puts vs calls

What the positioning says

●Call wall at $200 (19k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $120 (11k contracts), 37% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.0× 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	18k	17k	0.95	9k
2026-08-28	3k	8k	2.81	643
2026-09-04	548	615	1.12	303
2026-09-11	573	224	0.39	133
2026-09-18	26k	29k	1.11	2k
2026-09-25	361	168	0.47	92
2026-10-02	77	166	2.16	178
2026-12-18	13k	8k	0.60	7k
2027-01-15	27k	25k	0.90	2k
2027-03-19	3k	2k	0.94	266
2027-06-17	7k	5k	0.74	748
2028-01-21	7k	4k	0.57	7k

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