XOM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $165.65.

Put/Call (OI)

0.71

428k P / 600k C

Put/Call (Volume)

0.43

22k P / 51k C today

30d ATM IV

28%

annualized implied move

Call wall

$170

77k contracts

Put wall

$145

62k contracts

Tail hedging

3.9×

deep-OTM puts vs calls

What the positioning says

●Call wall at $170 (77k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $145 (62k contracts), 12% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 3.9× 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	52k	37k	0.70	24k
2026-08-28	13k	6k	0.48	8k
2026-09-04	3k	3k	0.83	1k
2026-09-11	3k	1k	0.37	716
2026-09-18	94k	90k	0.95	10k
2026-09-25	1k	527	0.52	688
2026-10-02	159	298	1.87	366
2026-10-16	59k	36k	0.61	6k
2026-11-20	27k	23k	0.87	3k
2026-12-18	75k	77k	1.02	5k
2027-01-15	116k	77k	0.67	4k
2027-03-19	15k	11k	0.72	5k
2027-06-17	34k	21k	0.61	3k
2027-12-17	21k	9k	0.40	513
2028-01-21	45k	19k	0.42	312
2028-12-15	40k	18k	0.45	358

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