The Traders Brief Options Snapshot
Sunday, June 28, 2026 (01:08 PM)
Light Sweet Crude Oil (CL)
Expiration: 2026-07-16 (18 Days)
Strike Analysis Range: $62.39 to $76.25 ($69.32 ±10%)

A. Volatility Analysis & Market Expectations
  * ATM Implied Volatility: 42.9%
  * Realized-vs-normal range populates once the engine has daily bars + ATM IV (after a market-hours pull).
  * Expected Move (1 SD): ±$6.60 (range $62.72 to $75.92)

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
  * Calls Lead Volume by a ratio of 1.0 to 1
  * Today's Volume: Calls 21,507 | Puts 20,979
  * Average Strike Traded Today: Calls 73.00 | Puts 67.04
  * Average Strike - Combined Traded Today - 70.06
  * Heavy Call Strikes Today - 7,463 @ 75.00 | 4,532 @ 70.00 | 1,949 @ 73.00
  * Heavy Put Strikes Today - 4,675 @ 65.00 | 3,387 @ 69.00 | 1,737 @ 63.00

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 @ 62.50 destroys the greatest amount of premium ($0 intrinsic value)
  ** Max Pain - 62.50 | Break Above=Bullish | Break Below=Bearish
  ** Bull-Bear Line - Today's Options - 70.06 | Break Above=Bullish | Break Below=Bearish

E. Thesis - Bulls / Bears / Watch
  Bulls
  * Strong put skew at 65.00 (net -11,943) and 60.00 (net -15,158) offers downside protection
  * Call OI of 8,736 at 70.00 strike suggests dealers positioned for rebound
  * Spot holding above 69.00 support zone with modest put OI of 2,958
  Bears
  * Heavy gamma concentration at 75.00 (net -5,443) and 70.00 (net -6,225) caps upside
  * Resistance layers from 76.50 to 83.00 show net call dominance totaling +2,804 contracts
  * Recent 30-day collapse of 25.31% signals momentum remains negative despite today's range
  Watch: The 70.00 strike (net -6,225) is critical gamma, with 14,961 put OI defending the round number just above spot at 69.32.

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