The Traders Brief©
Options Snapshot©
as of 15:00 ET · live · ● live-ready
E-mini S&P Options
ES · CLASS ES · EXP 2026-12-18
Spot
$7,664.25
H 7714.25L 7648.50
▼ -40.25 (-0.52%)
as of 14:41 EST
7648.50
7714.25 Day Range
ATM Implied Vol
15.1%
▼ falling from 45.6%
OI Control
Puts 1.2×
puts control the chain
Realized vs Normal
54%
within IV expectations
Summary Pivots
Max Pain
$7,700.00
destroys most premium
All-OI Equilibrium
$7,611.32
OI-weighted center
Today's Equilibrium
$7,830.10
volume-weighted center
What Matters Mostas of 14:41 EST
Bulls
7500 put wall carries 19,066 OI offering major support zone
Deep support stack at 7000, 6800, 6600 with net negative skew
Call sellers dominate 7700 strike, limiting immediate downside follow-through
Bears
Heavy call resistance from 8050 to 8900 blocks upside momentum
8900 strike holds 19,980 call OI at 0.65, major gamma ceiling
Futures pointing lower extends Thursday selloff, testing put support levels
Watch — 7500 strike is the critical battleground with 19,066 put OI versus 3,052 calls; a break below activates deeper support at 7000.
Key Levels
$9,000.00RESISTCall OI wall above price — resistance9,897
$8,900.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here19,980
$8,500.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here13,209
$8,200.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here11,484
$8,050.00RESISTCall OI wall above price — resistance10,043
$7,700.00MAGNETNet-OI magnet — gamma pivot · dealer hedging accelerates here15,893
$7,500.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here19,066
$7,000.00SUPPORTPut OI wall below price — support16,653
$6,800.00SUPPORTPut OI wall below price — support10,941
$6,600.00SUPPORTPut OI wall below price — support10,603
$6,500.00SUPPORTPut OI wall below price — support13,132
All Open Interest
Puts Control the Chain 1.2 : 1
Total Open Interest Calls 155,149 | Puts 192,525
Average Strike Calls 7858.70 | Puts 7411.97
Avg Strike — All 7611.32
In-the-MoneyCalls 26.0% | Puts 24.5%
Strike Control27 Call-Led | 35 Put-Led of 62
Heavy Call Strikes
12,073 @ 800011,484 @ 820010,043 @ 8050
Heavy Put Strikes
19,066 @ 750016,653 @ 700015,893 @ 7700
Heavy Combined Strikes
23,165 @ 700022,118 @ 750020,408 @ 7700
Traded Today
Calls Control Today's Flow 1.2 : 1
Total Volume Calls 24,283 | Puts 19,939
Average Strike Calls 8161.22 | Puts 7426.85
Avg Strike — All 7830.10
Heavy Call Strikes (today)
10,494 @ 83251,958 @ 80001,719 @ 7800
Heavy Put Strikes (today)
3,319 @ 76002,753 @ 75002,035 @ 7000
Heavy Combined Strikes (today)
10,494 @ 83253,327 @ 76002,892 @ 7500
OI Magnets
ES 20261218 · 56 DTE · spot $7,664.25 · bar = open interest
OI MAGNET
$7,000.00
OI 23,165 · -664.25 to spot
PutStrikeCall
0
8425
1,455
10
8400
6,945
0
8375
1,467
6
8350
3,208
38
8325
1,523
72
8300
4,993
130
8275
1,076
258
8250
3,518
285
8225
702
370
8200
11,484
365
8175
634
1,042
8150
4,231
378
8125
727
1,189
8100
9,424
316
8075
1,790
1,432
8050
10,043
334
8025
987
5,827
8000
12,073
202
7975
1,540
876
7950
3,691
318
7925
1,757
3,110
7900
7,713
428
7875
1,409
1,795
7850
4,574
1,572
7825
2,646
5,258
7800
3,933
418
7775
748
2,448
7750
5,093
1,133
7725
595
15,893
7700
4,515
1,655
7675
314
5,178
7650
1,919
1,760
7625
30
5,219
7600
3,443
787
7575
57
3,495
7550
2,704
2,708
7525
477
19,066
7500
3,052
720
7475
60
6,526
7450
1,313
398
7425
4
8,703
7400
3,510
1,658
7375
4
8,582
7350
1,925
776
7325
0
12,314
7300
3,506
340
7275
0
6,281
7250
610
921
7225
0
9,112
7200
4,364
815
7175
0
3,248
7150
1,028
948
7125
0
6,608
7100
2,711
594
7075
0
4,974
7050
224
1,353
7025
0
16,653
7000
6,512
279
6975
0
8,387
6950
636
419
6925
0
6,545
6900
2,252
Volatility & Market Expectations
ATM Implied Volatility15.1%
IV vs 20-day average▼ falling (was 45.6%)
Expected move (to expiry, ±1σ)±$452.21 ($7,212.04 – $8,116.46)
Implied Volatility Curve
Today Yesterday 1 Week Ago
NET OI (contracts) · calls ▲ / puts ▼ −16,014 10%15%20%25%30%35% 6000650070007500800085009000 ATM 7664.25 VOLATILITY (ANNUAL %) STRIKE
Realized vs Normal Range
Normal 1-Day (±1σ)±$60.43
Normal 3-Day±$104.67
1-Day Realized$65.75
3-Day Realized$163.75
Realized vs Normal (1D)54%
Realized vs Normal (3D)78%
What the Vol Is Telling Us

Positioning shows a defensive tilt with put walls clustering from 7500 down to 6500, while call resistance forms a ceiling from 8050 to 8900. The 7700 strike flips to net-put positioning, marking the transition zone. Elevated Treasury yields and AI spending concerns support elevated implied volatility as markets navigate Fed policy uncertainty ahead of the October 27-28 meeting.

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