WWD Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $370.4.

Put/Call (OI)

0.66

2k P / 4k C

Put/Call (Volume)

1.10

11 P / 10 C today

30d ATM IV

33%

annualized implied move

Call wall

$410

730 contracts

Put wall

$350

558 contracts

Tail hedging

0.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.66 puts per call outstanding.
●Call wall at $410 (730 contracts), 11% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $350 (558 contracts), 6% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 4.2× deep-OTM put OI — speculative upside positioning dominates the tails.

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	1k	1k	1.06	17
2026-09-18	858	338	0.39	1
2026-10-16	567	435	0.77	2
2026-12-18	400	231	0.58	1
2027-01-15	532	76	0.14	0

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