WPM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $136.81.

Put/Call (OI)

1.22

60k P / 49k C

Put/Call (Volume)

0.81

990 P / 1k C today

30d ATM IV

47%

annualized implied move

Call wall

$230

4k contracts

Put wall

$100

8k contracts

Tail hedging

2.8×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.22 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $230 (4k contracts), 68% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $100 (8k contracts), 27% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.8× deep-OTM call OI — an institutional hedging ladder sits under this stock.

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	6k	6k	0.98	929
2026-08-28	1k	320	0.29	193
2026-09-04	380	174	0.46	30
2026-09-11	219	196	0.89	33
2026-09-18	10k	11k	1.13	300
2026-09-25	57	26	0.46	33
2026-10-02	3	0	0.00	2
2026-10-16	2k	1k	0.63	184
2026-12-18	4k	5k	1.13	193
2027-01-15	15k	28k	1.82	132
2027-03-19	2k	1k	0.52	10
2027-06-17	2k	875	0.41	52
2028-01-21	6k	7k	1.12	115

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