The Traders Brief©
Options Snapshot©
as of 15:00 ET · live · ● live-ready
WTI Crude Options
CL · CLASS LO · EXP 2026-11-17
Spot
$103.41
H 103.53L 98.84
▲ +3.94 (+3.96%)
as of 14:54 EST
98.84
103.53 Day Range
ATM Implied Vol
55.4%
—
OI Control
Calls 7.7×
calls control the chain
Realized vs Normal
78%
within IV expectations
Summary Pivots
Max Pain
$95.00
destroys most premium
All-OI Equilibrium
$102.28
OI-weighted center
Today's Equilibrium
$102.94
volume-weighted center
What Matters Mostas of 14:56 EST
Bulls
Heavy call walls at 105, 110, and 120 create strong resistance gamma above
Massive net +26,680 at 100 strike anchors upside positioning below current levels
Call open interest dominates across all strikes from 90 through 120
Bears
Dense put wall at 85 strike with 22,412 contracts marks key support zone
Net positioning flips negative below 87, signaling defensive put accumulation
Any break of 100 gamma pocket exposes thin support into 85 put wall
Watch — The 100 strike holds massive gamma and marks the critical pivot between bullish call flow above and concentrated put support at 85 below.
Key Levels
$120.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here15,295
$115.00RESISTCall OI wall above price — resistance6,528
$110.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here21,707
$105.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here13,432
$104.00RESISTCall OI wall above price — resistance1,814
$100.00MAGNETNet-OI magnet — gamma pivot · dealer hedging accelerates here1,145
$90.00MAGNETNet-OI magnet — gamma pivot · dealer hedging accelerates here7,555
$87.00SUPPORTPut OI wall below price — support2,117
$86.00SUPPORTPut OI wall below price — support3,024
$85.00SUPPORTPut OI wall below price — support22,412
$84.00SUPPORTPut OI wall below price — support4,074
$83.00SUPPORTPut OI wall below price — support2,000
All Open Interest
Calls Control the Chain 7.7 : 1
Total Open Interest Calls 119,918 | Puts 15,658
Average Strike Calls 102.87 | Puts 97.73
Avg Strike — All 102.28
In-the-MoneyCalls 55.6% | Puts 8.7%
Strike Control38 Call-Led | 3 Put-Led of 41
Heavy Call Strikes
27,825 @ 10021,707 @ 11013,432 @ 105
Heavy Put Strikes
2,583 @ 952,252 @ 961,516 @ 98
Heavy Combined Strikes
28,970 @ 10022,174 @ 11013,767 @ 105
Traded Today
Calls Control Today's Flow 1.4 : 1
Total Volume Calls 19,165 | Puts 13,405
Average Strike Calls 105.72 | Puts 98.96
Avg Strike — All 102.94
Heavy Call Strikes (today)
6,028 @ 1103,815 @ 1052,600 @ 100
Heavy Put Strikes (today)
1,684 @ 1001,496 @ 951,267 @ 98
Heavy Combined Strikes (today)
6,090 @ 1104,284 @ 1003,866 @ 105
OI Magnets
LO 20261117 · 25 DTE · spot $103.41 · bar = open interest
OI MAGNET
$100.00
OI 28,970 · -3.41 to spot
PutStrikeCall
13
113.5
1,138
21
113
316
14
112.5
249
20
112
1,033
9
111.5
989
16
111
1,159
10
110.5
766
467
110
21,707
9
109.5
1,211
19
109
863
25
108.5
775
35
108
1,623
25
107.5
845
20
107
1,524
138
106.5
473
45
106
1,416
44
105.5
649
335
105
13,432
24
104.5
871
48
104
1,814
31
103.5
392
45
103
1,408
67
102.5
415
309
102
1,880
54
101.5
654
59
101
1,802
213
100.5
977
1,145
100
27,825
124
99.5
416
982
99
8,927
205
98.5
1,000
1,516
98
2,633
710
97.5
411
1,148
97
2,307
314
96.5
610
2,252
96
2,182
426
95.5
568
2,583
95
10,279
616
94.5
179
1,184
94
1,710
338
93.5
490
Volatility & Market Expectations
ATM Implied Volatility55.4%
IV vs 20-day average—
Expected move (to expiry, ±1σ)±$14.98 ($88.43 – $118.39)
Implied Volatility Curve
Today Yesterday 1 Week Ago
NET OI (contracts) · calls ▲ / puts ▼ +26,680 45%50%55%60%65%70% 859095100105110115120125 ATM 103.41 VOLATILITY (ANNUAL %) STRIKE
Realized vs Normal Range
Normal 1-Day (±1σ)±$3.00
Normal 3-Day±$5.19
1-Day Realized$4.69
3-Day Realized$7.27
Realized vs Normal (1D)78%
Realized vs Normal (3D)70%
What the Vol Is Telling Us

The options structure shows extreme call skew with net positioning heavily positive from 100 through 120, reflecting the 42% three-month rally and Middle East supply risk premium. Put buyers have fortified 85 as the line in the sand with over 22,000 contracts. Realized volatility from the recent surge (today's range spanning nearly 5 points) suggests implied levels may underpriced near-term event risk given ongoing geopolitical catalysts.

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