XEL Options Chain Analysis

As of previous close (2026-10-08) · OPRA historical data

Spot $73.36 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

7.12

181k P / 25k C

Put/Call (Volume)

0.43

140 P / 328 C that session

30d ATM IV

26%

annualized implied move

Call wall

$90

7k contracts

Put wall

$65

68k contracts

Tail hedging

11.3×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 7.12 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $90 (7k contracts), 23% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $65 (68k contracts), 11% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 11.3× 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 2026-11-20. 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 that session
2026-10-16	2k	4k	1.92	39
2026-11-20	4k	24k	5.29	85
2026-12-18	6k	19k	3.29	81
2027-01-15	7k	74k	9.85	90
2027-03-19	3k	54k	20.62	1
2027-06-17	1k	4k	2.89	96
2027-09-17	655	1k	1.72	1
2027-12-17	294	324	1.10	30
2028-01-21	363	288	0.79	45
2029-01-19	225	587	2.61	0

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.