XEL Options Chain Analysis

As of previous close (2026-10-02) · OPRA historical data

Spot $71.4 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

8.64

178k P / 21k C

Put/Call (Volume)

0.95

1k P / 1k C that session

30d ATM IV

25%

annualized implied move

Call wall

$90

7k contracts

Put wall

$65

67k contracts

Tail hedging

2.7×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 8.64 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $90 (7k contracts), 26% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $65 (67k contracts), 9% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 2.7× 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 2026-10-16. 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	1.94	34
2026-11-20	4k	23k	5.95	233
2026-12-18	3k	18k	6.95	219
2027-01-15	7k	74k	9.88	180
2027-03-19	3k	54k	21.02	96
2027-06-17	1k	3k	2.49	82
2027-09-17	508	1k	2.16	112
2027-12-17	150	312	2.08	48
2028-01-21	35	15	0.43	749
2029-01-19	13	428	32.92	655

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.