WM Options Chain Analysis

As of previous close (2026-10-02) · OPRA historical data

Spot $204.45 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.64

15k P / 24k C

Put/Call (Volume)

0.62

2k P / 3k C that session

30d ATM IV

19%

annualized implied move

Call wall

$230

4k contracts

Put wall

$200

4k contracts

Tail hedging

0.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.64 puts per call outstanding.
●Call wall at $230 (4k contracts), 12% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $200 (4k contracts), 2% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 4.9× deep-OTM put OI — speculative upside positioning dominates the tails.
●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 2026-10-16. 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 that session
2026-10-16	6k	5k	0.81	923
2026-11-20	822	2k	1.99	417
2026-12-18	4k	2k	0.65	228
2027-01-15	5k	3k	0.57	332
2027-03-19	3k	2k	0.58	85
2027-04-16	73	61	0.84	12
2027-06-17	996	415	0.42	126
2027-09-17	234	252	1.08	357
2028-01-21	2k	754	0.37	559
2028-06-16	329	73	0.22	158
2028-12-15	1k	190	0.18	541
2029-01-19	583	72	0.12	377

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.