WOLF Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-17. Spot $34.77.

Put/Call (OI)

0.95

219k P / 230k C

Put/Call (Volume)

0.53

6k P / 12k C today

30d ATM IV

123%

annualized implied move

Call wall

$45

66k contracts

Put wall

$17.5

54k contracts

Tail hedging

1.1×

deep-OTM puts vs calls

What the positioning says

●Call wall at $45 (66k contracts), 29% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $17.5 (54k contracts), 50% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 123% — the market prices very large moves; option premium is expensive.

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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	15k	9k	0.63	8k
2026-08-28	3k	3k	0.98	1k
2026-09-04	829	725	0.87	439
2026-09-11	153	330	2.16	117
2026-09-18	47k	162k	3.42	3k
2026-09-25	129	106	0.82	87
2026-10-02	13	3	0.23	81
2026-11-20	155	86	0.55	1k
2026-12-18	39k	25k	0.63	309
2027-01-15	47k	9k	0.20	435
2027-03-19	3k	497	0.17	228
2027-04-16	880	181	0.21	54
2027-06-17	62k	1k	0.02	3k
2027-09-17	297	92	0.31	5
2028-01-21	12k	8k	0.63	266

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