WES Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $48.68.

Put/Call (OI)

0.46

13k P / 28k C

Put/Call (Volume)

1.19

821 P / 690 C today

30d ATM IV

19%

annualized implied move

Call wall

$49

4k contracts

Put wall

$40

2k contracts

Tail hedging

3.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.46 puts per call outstanding.
●Call wall at $49 (4k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $40 (2k contracts), 18% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.2× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 19% — 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	5k	4k	0.76	377
2026-09-18	3k	594	0.18	149
2026-11-20	5k	2k	0.29	97
2027-01-15	7k	4k	0.60	234
2027-02-19	2k	531	0.27	253
2028-01-21	5k	2k	0.41	401

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