WELL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $235.85.

Put/Call (OI)

0.73

15k P / 21k C

Put/Call (Volume)

1.46

152 P / 104 C today

30d ATM IV

22%

annualized implied move

Call wall

$260

3k contracts

Put wall

$210

2k contracts

Tail hedging

1.5×

deep-OTM puts vs calls

What the positioning says

●Call wall at $260 (3k contracts), 10% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $210 (2k contracts), 11% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 22% — 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	3k	2k	0.58	64
2026-09-18	5k	4k	0.83	38
2026-10-16	0	0	—	1
2026-12-18	2k	815	0.44	38
2027-01-15	9k	8k	0.84	71
2027-02-19	94	20	0.21	0
2027-03-19	136	190	1.40	29
2027-05-21	856	138	0.16	0
2027-08-20	184	229	1.24	2
2027-11-19	477	244	0.51	13

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