WDS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-27. Spot $22.9.

Put/Call (OI)

0.29

2k P / 8k C

Put/Call (Volume)

0.01

2 P / 214 C today

30d ATM IV

64%

annualized implied move

Call wall

$30

3k contracts

Put wall

$20

217 contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.29 puts per call outstanding.
●Call wall at $30 (3k contracts), 31% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $20 (217 contracts), 13% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 8.1× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 64% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-09-18	275	119	0.43	43
2026-10-16	5k	879	0.17	133
2026-12-18	2k	444	0.27	15
2027-01-15	430	783	1.82	1
2027-04-16	27	15	0.56	24

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