WDC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-17. Spot $537.38.

Put/Call (OI)

1.48

274k P / 186k C

Put/Call (Volume)

1.24

35k P / 28k C today

30d ATM IV

74%

annualized implied move

Call wall

$700

7k contracts

Put wall

$90

20k contracts

Tail hedging

2.8×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.48 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $700 (7k contracts), 30% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $90 (20k contracts), 83% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.8× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 74% — the market prices very large moves; option premium is expensive.

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	48k	44k	0.91	32k
2026-08-28	6k	8k	1.23	8k
2026-09-04	4k	7k	1.65	3k
2026-09-11	1k	3k	2.22	2k
2026-09-18	28k	49k	1.72	6k
2026-09-25	676	1k	2.14	906
2026-10-02	53	45	0.85	590
2026-10-16	10k	13k	1.25	2k
2026-11-20	9k	8k	0.90	1k
2026-12-18	17k	19k	1.11	2k
2027-01-15	29k	67k	2.32	3k
2027-03-19	8k	8k	0.94	1k
2027-06-17	5k	4k	0.95	413
2028-01-21	12k	34k	2.84	690
2028-06-16	2k	5k	2.31	89
2028-12-15	5k	5k	1.11	904

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