The Traders Brief Options Snapshot
Sunday, June 28, 2026 (01:08 PM)
ICE Brent Crude (COIL)
Expiration: 2026-07-28 (30 Days)
Strike Analysis Range: $64.77 to $79.17 ($71.97 ±10%)

A. Volatility Analysis & Market Expectations
  * ATM Implied Volatility: 41.9%
  * Realized-vs-normal range populates once the engine has daily bars + ATM IV (after a market-hours pull).
  * Expected Move (1 SD): ±$8.64 (range $63.33 to $80.61)

B. Options - All Open Interest
  * Calls Control the Chain by a Ratio of: 1.0 to 1
  * Total Open Interest: Calls 0 | Puts 0
  * Average Strike: Calls 0.00 | Puts 0.00
  * Average Strike for All Calls & Puts - 0.00
  * Heavy Call Strikes - --
  * Heavy Put Strikes - --
  * Heavy Combined Strikes - --

C. Options - Traded Today
  * Puts Lead Volume by a ratio of 7.4 to 1
  * Today's Volume: Calls 6,557 | Puts 48,545
  * Average Strike Traded Today: Calls 74.98 | Puts 69.20
  * Average Strike - Combined Traded Today - 69.89
  * Heavy Call Strikes Today - 2,781 @ 75.00 | 1,083 @ 72.50 | 655 @ 77.50
  * Heavy Put Strikes Today - 7,847 @ 70.00 | 7,477 @ 72.50 | 6,993 @ 67.00

D. Summary - What Matters Most
  * Bulls Need Price Above > 0.00, Bears Need Price Below < 0.00
  * Battle Zone Strikes: 0.00 to 0.00. Chain Average Strike - All Options - 0.00.
  * Max Pain @ 65.00 destroys the greatest amount of premium ($0 intrinsic value)
  ** Max Pain - 65.00 | Break Above=Bullish | Break Below=Bearish
  ** Bull-Bear Line - Today's Options - 69.89 | Break Above=Bullish | Break Below=Bearish

E. Thesis - Bulls / Bears / Watch
  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.

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