WMB Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $73.45.

Put/Call (OI)

0.55

136k P / 246k C

Put/Call (Volume)

1.42

7k P / 5k C today

30d ATM IV

26%

annualized implied move

Call wall

$80

101k contracts

Put wall

$65

54k contracts

Tail hedging

1.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.55 puts per call outstanding.
●Call wall at $80 (101k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $65 (54k contracts), 12% below spot — the hedge floor; often acts as support.

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	27k	10k	0.39	2k
2026-08-28	3k	18k	5.49	670
2026-09-04	3k	939	0.37	36
2026-09-11	3k	52k	16.60	288
2026-09-18	16k	30k	1.89	881
2026-09-25	40	4	0.10	3
2026-10-02	0	1	—	0
2026-10-16	3k	4k	1.49	797
2026-11-20	156k	3k	0.02	145
2026-12-18	8k	2k	0.30	411
2027-01-15	15k	9k	0.56	6k
2027-02-19	308	212	0.69	11
2027-03-19	1k	710	0.63	58
2027-06-17	5k	3k	0.59	168
2028-01-21	5k	2k	0.33	43

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