The Traders Brief©
Options Snapshot©
as of 12:21 ET · live · ● live-ready
E-mini S&P 500
ES · CLASS ES · EXP 2026-09-18
Spot
$7,381.00
▲ +0.00 (+0.00%)
ATM Implied Vol
16.5%
—
OI Control
Puts 1.1×
puts control the chain
Realized vs Normal
—
within IV expectations
Summary Pivots
Max Pain
$7,300.00
destroys most premium
All-OI Equilibrium
$7,324.16
OI-weighted center
Today's Equilibrium
$7,448.16
volume-weighted center
What Matters Most
Bulls
Strong put support at 7000 with net -10,899 OI wall
Massive put gamma concentration at 6800 with net -12,644 OI
90-day uptrend intact with +6.02% gain despite recent weakness
Bears
Heavy call resistance at 7800 with net +9,508 OI gamma wall
Stock futures down on global tech sell-off, Nasdaq futures -1%
Price below 8000-8500 resistance cluster holding +23,000 net call OI
Watch — Watch 7800 resistance with +9,508 net call OI above and 7200 support with -6,619 net put OI below spot at 7381.
Key Levels
$8,500.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here6,654
$8,100.00RESISTCall OI wall above price — resistance6,525
$8,000.00RESISTCall OI wall above price — resistance5,558
$7,950.00RESISTCall OI wall above price — resistance5,984
$7,800.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here9,809
$7,200.00SUPPORTPut OI wall below price — support9,836
$7,000.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here14,922
$6,800.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here13,585
$6,700.00SUPPORTPut OI wall below price — support7,869
$6,000.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here8,971
All Open Interest
Puts Control the Chain 1.1 : 1
Total Open Interest Calls 101,987 | Puts 112,321
Average Strike Calls 7572.93 | Puts 7098.27
Avg Strike — All 7324.16
Heavy Call Strikes
9,809 @ 78006,699 @ 74006,525 @ 8100
Heavy Put Strikes
14,922 @ 700013,585 @ 68009,836 @ 7200
Heavy Combined Strikes
18,945 @ 700014,526 @ 680013,053 @ 7200
Traded Today
Calls Control Today's Flow 1.2 : 1
Total Volume Calls 3,187 | Puts 2,653
Average Strike Calls 7787.34 | Puts 7040.71
Avg Strike — All 7448.16
Heavy Call Strikes (today)
1,810 @ 7900984 @ 760072 @ 7800
Heavy Put Strikes (today)
533 @ 7000468 @ 7100453 @ 7125
Heavy Combined Strikes (today)
1,810 @ 7900990 @ 7600549 @ 7000
OI Magnets
ES 20260918 · 82 DTE · spot $7,381.00 · bar = open interest
$7,000.00call wall
OI 18,945 · -381.00 to spot
OI MAGNET
PutStrikeCall
9
8100
6,525
2
8075
44
23
8050
1,661
0
8025
110
103
8000
5,558
1
7975
67
117
7950
5,984
1
7925
289
662
7900
6,071
3
7875
179
147
7850
2,888
29
7825
547
301
7800
9,809
3
7775
129
360
7750
2,962
14
7725
333
1,947
7700
3,842
62
7675
127
2,854
7650
2,478
324
7625
45
2,074
7600
4,534
249
7575
226
1,656
7550
5,379
67
7525
155
4,872
7500
4,236
581
7475
550
1,936
7450
4,371
105
7425
192
4,091
7400
6,699
65
7375
152
1,122
7350
1,534
475
7325
2
3,411
7300
2,958
659
7275
21
5,985
7250
2,249
37
7225
0
9,836
7200
3,217
498
7175
38
3,946
7150
719
1,146
7125
1
5,194
7100
1,588
438
7075
0
2,049
7050
794
576
7025
0
14,922
7000
4,023
142
6975
0
1,394
6950
951
1,081
6925
0
3,758
6900
1,873
213
6875
0
3,977
6850
1,754
189
6825
0
13,585
6800
941
139
6775
0
3,782
6750
1,416
1,191
6725
202
7,869
6700
1,263
59
6675
0
1,990
6650
301
Volatility & Market Expectations
ATM Implied Volatility16.5%
IV vs 20-day average—
Expected move (to expiry, ±1σ)±$575.98 ($6,805.02 – $7,956.98)
Implied Volatility Curve
Today Yesterday 1 Week Ago
10%20%30%40%50%60% 3700375038003850390039504000405041004150420042504300435044004450450045504600465047004750480048504900495050005050510051505200525053005350540054505500555056005650570057505800585059005950597560006025605060756100612561506175620062256250627563006325635063756400642564506475650065256550657566006625665066756700672567506775680068256850687569006925695069757000702570507075710071257150717572007225725072757300732573507375740074257450747575007525755075757600762576507675770077257750777578007825785078757900792579507975800080258050807581008125815081758200822582508275830083258350837584008450850085508600865087008750880088508900900091009200940095009600980010000101001020010400105001060011000 SPOT VOLATILITY (ANNUAL %) STRIKE
Realized-vs-normal range populates once the engine stores daily price ranges.
What the Vol Is Telling Us

The options structure shows a narrow 7200-7800 zone bracketing spot at 7381, implying low realized volatility expectations near current levels. Elevated gamma concentrations at 7800 calls and 7000/6800 puts suggest dealers will dampen price swings within this range. However, today's downside action on tech sell-off fears may test the 7200 support threshold and increase short-term implied volatility if momentum accelerates lower.

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