CVX (CVX) options memo

The Read

CVX is down 0.03% today at $196.60.

Options traders lean neutral into 2026-07-24, and neutral further out.

A move through $140.75 would change how dealers hedge this stock.

Key numbers

• Spot: $196.60
• Lean: neutral
• Nearest expiry: Fri 8/21
• Implied move: 1.3%
• ATM implied volatility: 24.8%
• Max pain: $202.50
• Pin strike: $205.00
• Gamma flip: $202.85
• Dealer positioning: SHORT GAMMA
• Call wall: $205.00
• Put wall: $170.00
• Put/call open interest: 0.872