WFC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $87.58.

Put/Call (OI)

1.49

585k P / 393k C

Put/Call (Volume)

1.01

76k P / 75k C today

30d ATM IV

22%

annualized implied move

Call wall

$90

44k contracts

Put wall

$75

57k contracts

Tail hedging

3.5×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.49 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $90 (44k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $75 (57k contracts), 14% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.5× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●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	57k	70k	1.24	9k
2026-08-28	6k	3k	0.48	3k
2026-09-04	3k	1k	0.41	905
2026-09-11	1k	1k	0.85	269
2026-09-18	60k	86k	1.43	5k
2026-09-25	251	885	3.53	183
2026-10-02	16	0	0.00	142
2026-10-16	26k	36k	1.38	2k
2026-11-20	25k	35k	1.38	1k
2026-12-18	34k	81k	2.40	123k
2027-01-15	85k	154k	1.81	4k
2027-03-19	20k	30k	1.52	502
2027-06-17	41k	31k	0.75	1k
2027-12-17	7k	12k	1.89	296
2028-01-21	17k	30k	1.80	244
2028-12-15	11k	13k	1.25	29

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