XEL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $79.21.

Put/Call (OI)

3.40

59k P / 17k C

Put/Call (Volume)

6.86

9k P / 1k C today

30d ATM IV

18%

annualized implied move

Call wall

$90

7k contracts

Put wall

$60

25k contracts

Tail hedging

6.2×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 3.40 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $90 (7k contracts), 14% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $60 (25k contracts), 24% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 6.2× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 18% — calm pricing; option premium is cheap.

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	4k	2k	0.56	29
2026-09-18	3k	4k	1.49	3k
2026-11-20	1k	15k	14.67	1
2026-12-18	841	17k	20.28	20
2027-01-15	7k	16k	2.29	7
2027-03-19	1k	4k	3.95	8k
2027-06-17	844	933	1.11	8
2027-09-17	49	76	1.55	0
2027-12-17	34	307	9.03	0

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