WEC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $110.52.

Put/Call (OI)

0.33

3k P / 8k C

Put/Call (Volume)

0.26

18 P / 68 C today

30d ATM IV

18%

annualized implied move

Call wall

$120

2k contracts

Put wall

$110

2k contracts

Tail hedging

0.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.33 puts per call outstanding.
●Call wall at $120 (2k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $110 (2k contracts), 0% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 8.4× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 18% — 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.

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	4k	558	0.15	26
2026-09-18	2k	2k	0.89	21
2026-10-16	1k	59	0.05	10
2026-11-20	668	198	0.30	3
2027-01-15	379	80	0.21	26

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