WM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $223.58.

Put/Call (OI)

0.88

21k P / 24k C

Put/Call (Volume)

1.26

2k P / 1k C today

30d ATM IV

21%

annualized implied move

Call wall

$240

5k contracts

Put wall

$220

9k contracts

Tail hedging

0.5×

deep-OTM puts vs calls

What the positioning says

●Call wall at $240 (5k contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $220 (9k contracts), 2% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.1× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 21% — 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	3k	0.70	654
2026-09-18	7k	11k	1.63	2k
2026-10-16	2k	1k	0.62	79
2026-12-18	2k	1k	0.53	310
2027-01-15	5k	3k	0.59	127
2027-03-19	2k	535	0.28	65
2027-06-17	249	140	0.56	22
2028-01-21	1k	625	0.42	17
2028-06-16	27	63	2.33	2
2028-12-15	34	37	1.09	2

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