WMT Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $114.38.

Put/Call (OI)

0.95

521k P / 548k C

Put/Call (Volume)

1.13

41k P / 36k C today

30d ATM IV

30%

annualized implied move

Call wall

$120

68k contracts

Put wall

$105

81k contracts

Tail hedging

0.9×

deep-OTM puts vs calls

What the positioning says

●Call wall at $120 (68k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $105 (81k contracts), 8% 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	98k	146k	1.49	33k
2026-08-28	15k	28k	1.94	7k
2026-09-04	5k	9k	1.88	11k
2026-09-11	3k	1k	0.42	1k
2026-09-18	108k	73k	0.67	10k
2026-09-25	877	676	0.77	2k
2026-10-02	138	36	0.26	348
2026-10-16	16k	10k	0.67	4k
2026-11-20	26k	32k	1.22	1k
2026-12-18	53k	38k	0.72	1k
2027-01-15	113k	94k	0.83	4k
2027-03-19	20k	15k	0.77	918
2027-06-17	36k	29k	0.82	673
2027-09-17	1k	775	0.61	45
2027-12-17	12k	10k	0.82	33
2028-01-21	37k	30k	0.83	719
2028-12-15	4k	3k	0.59	867

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