The Traders Brief©
Options Snapshot©
as of 07:55 ET · live · ● live-ready
Brent Options
COIL · CLASS COIL · EXP 2026-09-25
Spot
$85.89
H 87.15L 85.41
▼ -2.69 (-3.04%)
as of 07:21 EST
85.41
87.15 Day Range
ATM Implied Vol
46.0%
▼ falling from 985.5%
OI Control
Puts 1.8×
puts control the chain
Realized vs Normal
42%
within IV expectations
Summary Pivots
Max Pain
$85.00
destroys most premium
All-OI Equilibrium
$84.03
OI-weighted center
Today's Equilibrium
$83.11
volume-weighted center
What Matters Most
Bulls
Spot at 85.89 trades above massive put support at 82.00 (net -29,725 OI)
Short-term uptrend targets 90.00 call wall with geopolitical risk premium intact
Deep put walls at 75.00, 70.00, 69.00 provide strong downside protection
Bears
100.00 strike holds heaviest call concentration (29,403 OI) capping upside as resistance
Rising inventories (+4.4M barrels third consecutive week) counter supply disruption narrative
Five-strike call ladder from 90.00 to 103.00 represents significant overhead resistance
Watch — The 82.00 strike is critical near-term support with net -29,725 OI; breach would expose layered put support at 75.00 and 70.00.
Key Levels
$103.00RESISTCall OI wall above price — resistance5,031
$102.00RESISTCall OI wall above price — resistance5,615
$100.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here29,403
$95.00RESISTCall OI wall above price — resistance17,206
$90.00RESISTCall OI wall above price — resistance16,308
$82.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here31,114
$75.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here38,836
$72.00SUPPORTPut OI wall below price — support29,258
$70.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here65,031
$69.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here53,772
All Open Interest
Puts Control the Chain 1.8 : 1
Total Open Interest Calls 73,183 | Puts 128,234
Average Strike Calls 86.26 | Puts 82.76
Avg Strike — All 84.03
In-the-MoneyCalls 43.6% | Puts 14.7%
Strike Control24 Call-Led | 39 Put-Led of 68
Heavy Call Strikes
16,308 @ 909,061 @ 807,479 @ 85
Heavy Put Strikes
31,114 @ 8230,127 @ 8020,739 @ 85
Heavy Combined Strikes
39,188 @ 8032,503 @ 8228,218 @ 85
Traded Today
Puts Control Today's Flow 2.7 : 1
Total Volume Calls 2,496 | Puts 6,793
Average Strike Calls 90.12 | Puts 80.54
Avg Strike — All 83.11
Heavy Call Strikes (today)
1,569 @ 90331 @ 92155 @ 86
Heavy Put Strikes (today)
3,789 @ 801,263 @ 78635 @ 85
Heavy Combined Strikes (today)
3,789 @ 801,600 @ 901,263 @ 78
OI Magnets
COIL 20260925 18:30:00 GB · 30 DTE · spot $85.89 · bar = open interest
OI MAGNET
$80.00
OI 39,188 · -5.89 to spot
PutStrikeCall
3
94.25
92
87
94
811
17
93.75
11
55
93.5
196
30
93.25
14
279
93
1,977
15
92.75
29
40
92.5
541
8
92.25
15
638
92
3,190
17
91.75
19
46
91.5
1,358
14
91.25
86
194
91
2,441
29
90.75
3
22
90.5
755
45
90.25
11
5,157
90
16,308
43
89.75
13
632
89.5
703
29
89.25
34
2,106
89
1,324
9
88.75
52
568
88.5
198
18
88.25
16
2,219
88
1,867
9
87.75
58
32
87.25
7
1,390
87
3,076
67
86.75
31
1,091
86.5
677
33
86.25
16
3,889
86
5,313
110
85.75
16
881
85.5
140
15
85.25
3
20,739
85
7,479
66
84.75
4
654
84.5
912
74
84.25
18
3,835
84
2,186
86
83.75
27
317
83.5
566
74
83.25
6
2,873
83
2,795
174
82.75
17
1,174
82.5
549
302
82.25
4
31,114
82
1,389
27
81.75
23
1,357
81.5
1,344
146
81.25
7
4,105
81
604
69
80.75
26
73
80.5
198
17
80.25
0
30,127
80
9,061
596
79.5
397
34
79.25
135
4,025
79
1,458
1,052
78.5
738
4,344
78
1,144
943
77.5
695
Volatility & Market Expectations
ATM Implied Volatility46.0%
IV vs 20-day average▼ falling (was 985.5%)
Expected move (to expiry, ±1σ)±$11.32 ($74.57 – $97.21)
Implied Volatility Curve
Today Yesterday 1 Week Ago
NET OI (contracts) · calls ▲ / puts ▼ −29,725 175%350%525%700%875%1050% 707580859095100 ATM 85.89 VOLATILITY (ANNUAL %) STRIKE
Realized vs Normal Range
Normal 1-Day (±1σ)±$2.07
Normal 3-Day±$3.58
1-Day Realized$1.74
3-Day Realized$8.40
Realized vs Normal (1D)42%
Realized vs Normal (3D)117%
What the Vol Is Telling Us

The options structure shows asymmetric skew with heavy put positioning below market (82.00, 75.00, 70.00, 69.00 gamma support zones) versus concentrated call resistance at 100.00. This reflects demand for downside protection despite geopolitical risk premium. The 100.00 call wall with 29,403 OI represents a key realized resistance target. Current spot at 85.89 sits in a wide buffer zone between 82.00 support and 90.00 initial call resistance.

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