WSM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $241.58.

Put/Call (OI)

1.06

13k P / 12k C

Put/Call (Volume)

0.51

91 P / 180 C today

30d ATM IV

45%

annualized implied move

Call wall

$250

3k contracts

Put wall

$220

3k contracts

Tail hedging

2.1×

deep-OTM puts vs calls

What the positioning says

●Call wall at $250 (3k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $220 (3k contracts), 9% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.1× 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.

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	6k	1.20	74
2026-09-18	3k	5k	1.50	141
2026-11-20	378	265	0.70	2
2026-12-18	1k	387	0.26	4
2027-01-15	1k	689	0.49	0
2027-02-19	57	18	0.32	0
2027-03-19	140	221	1.58	0
2027-06-17	37	28	0.76	10
2028-01-21	268	269	1.00	40

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