The Traders Brief©
Options Snapshot©
as of 12:21 ET · live · ● live-ready
ICE Brent Crude
COIL · CLASS COIL · EXP 2026-07-28
Spot
$71.97
▲ +0.00 (+0.00%)
ATM Implied Vol
41.5%
—
OI Control
Puts 6.6×
puts control the chain
Realized vs Normal
—
within IV expectations
Summary Pivots
Max Pain
$74.00
destroys most premium
All-OI Equilibrium
$69.55
OI-weighted center
Today's Equilibrium
$69.89
volume-weighted center
What Matters Most
Bulls
Massive put wall at 69.00 strike with net -123,772 OI acts as strong downside magnet
Open interest skew heavily negative 67.00-70.00 zone provides gamma support if dip accelerates
Inventories 7% below five-year average offer fundamental floor despite geopolitical unwind
Bears
Price trading near 71.97 sits precariously above dense put gamma starting at 71.00 strike
Light call OI above 76.00 offers minimal resistance into 86.00 if geopolitical premium returns
Short-term direction down as Iran war premium evaporates with Hormuz transit recovering
Watch — The 71.00 strike is critical: breach below triggers cascading put gamma into the heavily negative 67.00-70.00 zone.
Key Levels
$86.00RESISTCall OI wall above price — resistance4,042
$79.50RESISTCall OI wall above price — resistance1,422
$78.50RESISTCall OI wall above price — resistance1,803
$78.25RESISTCall OI wall above price — resistance2,281
$76.00RESISTCall OI wall above price — resistance13,185
$71.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here55,168
$70.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here94,922
$69.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here125,187
$68.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here119,396
$67.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here114,430
All Open Interest
Puts Control the Chain 6.6 : 1
Total Open Interest Calls 101,833 | Puts 673,330
Average Strike Calls 71.81 | Puts 69.20
Avg Strike — All 69.55
Heavy Call Strikes
15,009 @ 6514,186 @ 7513,330 @ 70
Heavy Put Strikes
125,187 @ 69119,396 @ 68114,430 @ 67
Heavy Combined Strikes
126,602 @ 69122,003 @ 68116,807 @ 67
Traded Today
Puts Control Today's Flow 7.4 : 1
Total Volume Calls 6,557 | Puts 48,545
Average Strike Calls 74.98 | Puts 69.20
Avg Strike — All 69.89
Heavy Call Strikes (today)
2,781 @ 751,083 @ 72.5655 @ 77.5
Heavy Put Strikes (today)
7,847 @ 707,477 @ 72.56,993 @ 67
Heavy Combined Strikes (today)
8,560 @ 72.57,901 @ 706,993 @ 67
OI Magnets
COIL 20260728 · 30 DTE · spot $71.97 · bar = open interest
$69.00call wall
OI 126,602 · -2.97 to spot
OI MAGNET
PutStrikeCall
3,090
79
3,005
14
78.75
2
729
78.5
1,803
149
78.25
2,281
3,946
78
2,344
2
77.75
0
1,571
77.5
532
55
77.25
5
3,807
77
2,507
8
76.75
4
246
76.5
611
67
76.25
128
12,280
76
13,185
11
75.75
4
502
75.5
276
32
75.25
4
29,635
75
14,186
284
74.75
6
1,158
74.5
252
63
74.25
20
5,125
74
4,058
54
73.75
16
951
73.5
111
1,103
73.25
1,000
7,740
73
4,135
180
72.75
6
2,492
72.5
136
17
72.25
0
4,537
72
3,257
13
71.75
0
4,366
71.5
0
2
71.25
0
55,168
71
2,093
8
70.75
0
5,438
70.5
3,661
757
70.25
1
94,922
70
13,330
384
69.75
1
588
69.5
61
2,054
69.25
0
125,187
69
1,415
239
68.75
201
3,958
68.5
60
15
68.4
7
775
68.25
1
119,396
68
2,607
72
67.8
26
311
67.75
12
7,642
67.5
80
340
67.25
1
114,430
67
2,377
824
66.75
141
2,827
66.5
664
11,886
66
4,563
168
65.75
5
974
65.5
1,643
40,738
65
15,009
Volatility & Market Expectations
ATM Implied Volatility41.5%
IV vs 20-day average—
Expected move (to expiry, ±1σ)±$8.57 ($63.40 – $80.54)
Implied Volatility Curve
Today Yesterday 1 Week Ago
40%50%60%70%80% 404142434445464747.54848.5495050.5515252.252.55353.55454.55555.2555.55656.55757.55858.55959.56060.560.756161.56262.262.56363.56464.564.66565.565.756666.566.756767.2567.567.7567.86868.2568.468.568.756969.2569.569.757070.2570.570.757171.2571.571.757272.2572.572.757373.2573.573.757474.2574.574.757575.2575.575.757676.2576.576.757777.2577.577.757878.2578.578.757979.2579.579.758080.2580.580.758181.2581.581.758282.2582.582.758383.2583.583.758484.2584.584.758585.2585.585.758686.2586.586.758787.2587.587.758888.2588.588.758989.2589.589.759090.2590.590.759191.2591.591.759292.2592.592.759393.59494.594.759595.59696.2596.596.759797.2597.597.759898.2598.598.759999.2599.599.75100100.25100.5100.75101101.25101.5101.75102102.25102.5102.75103103.25103.5103.75104104.25104.5104.75105105.25105.5105.75106106.25106.5106.75107107.25107.5107.75108108.5109 SPOT VOLATILITY (ANNUAL %) STRIKE
Realized-vs-normal range populates once the engine stores daily price ranges.
What the Vol Is Telling Us

Implied volatility structure shows elevated put skew concentrated at 67.00-71.00 strikes, reflecting hedging demand after the recent 25% collapse from geopolitical highs. The net negative OI exceeding -100,000 contracts at 69.00 and 68.00 suggests dealers are short gamma, amplifying potential downside moves if spot breaks support. Call OI remains sparse above 76.00, indicating muted upside conviction despite inventory tightness.

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