YUMC Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $47.14.

Put/Call (OI)

0.47

7k P / 14k C

Put/Call (Volume)

1.31

201 P / 154 C today

30d ATM IV

23%

annualized implied move

Call wall

$47.5

4k contracts

Put wall

$37.5

1k contracts

Tail hedging

0.5×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.47 puts per call outstanding.
●Call wall at $47.5 (4k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $37.5 (1k contracts), 20% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 23% — 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.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	2k	1k	0.52	39
2026-09-18	508	286	0.56	204
2026-10-16	675	1k	1.99	5
2027-01-15	10k	3k	0.33	9
2027-03-19	119	54	0.45	1
2027-06-17	136	315	2.32	0
2027-09-17	54	45	0.83	90
2027-12-17	417	37	0.09	7

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