The Traders Brief©
Options Snapshot©
as of 07:55 ET · live · ● live-ready
E-mini S&P Options
ES · CLASS ES · EXP 2026-09-18
Spot
$7,697.00
H 7714.00L 7660.25
▲ +27.25 (+0.36%)
as of 09:31 EST
7660.25
7714.00 Day Range
ATM Implied Vol
12.3%
▲ rising from 12.1%
OI Control
Calls 1.1×
calls control the chain
Realized vs Normal
24%
within IV expectations
Summary Pivots
Max Pain
$7,525.00
destroys most premium
All-OI Equilibrium
$7,595.43
OI-weighted center
Today's Equilibrium
$7,695.19
volume-weighted center
What Matters Most
Bulls
Spot 7692 holds above last close 7690.25, testing today's high near 7694.75
Strong put walls at 7550 (-7,891) and 7200 (-11,725) provide layered downside support
Short-term momentum positive with futures advancing and semiconductor stocks rebounding
Bears
Dense call resistance from 8000 (+11,284) through 8500 (+10,611) caps upside rally
July payrolls fell 23k with unemployment at 4.1%, keeping Fed policy uncertain
Massive gamma wall at 6800 (-15,351) signals potential accelerated downside if 7200 breaks
Watch — Watch 8000 strike (net +11,284) as nearest major resistance and 7550 (net -7,891) as first support if spot weakens.
Key Levels
$8,500.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here10,611
$8,300.00RESISTCall OI wall above price — resistance8,686
$8,200.00RESISTCall OI wall above price — resistance9,521
$8,100.00RESISTCall OI wall above price — resistance8,963
$8,000.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here11,557
$7,550.00SUPPORTPut OI wall below price — support10,750
$7,350.00SUPPORTPut OI wall below price — support9,701
$7,200.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here14,492
$7,000.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here14,319
$6,800.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here16,482
All Open Interest
Calls Control the Chain 1.1 : 1
Total Open Interest Calls 191,136 | Puts 167,828
Average Strike Calls 7811.66 | Puts 7349.16
Avg Strike — All 7595.43
In-the-MoneyCalls 32.6% | Puts 6.9%
Strike Control62 Call-Led | 74 Put-Led of 157
Heavy Call Strikes
11,557 @ 800010,292 @ 78009,521 @ 8200
Heavy Put Strikes
14,492 @ 720014,319 @ 700010,750 @ 7550
Heavy Combined Strikes
18,481 @ 700017,259 @ 720016,316 @ 7400
Traded Today
Calls Control Today's Flow 1.8 : 1
Total Volume Calls 1,466 | Puts 832
Average Strike Calls 7817.30 | Puts 7480.03
Avg Strike — All 7695.19
Heavy Call Strikes (today)
420 @ 7835210 @ 7900171 @ 7700
Heavy Put Strikes (today)
169 @ 7475103 @ 7600102 @ 7700
Heavy Combined Strikes (today)
420 @ 7835273 @ 7700210 @ 7900
OI Magnets
ES 20260918 · 23 DTE · spot $7,697.00 · bar = open interest
OI MAGNET
$7,000.00
OI 18,481 · -697.00 to spot
PutStrikeCall
0
8450
1,707
0
8400
4,053
0
8350
1,634
2
8300
8,686
2
8250
3,244
0
8225
895
210
8200
9,521
3
8175
1,374
1
8150
3,737
0
8125
1,967
0
8110
268
43
8100
8,963
0
8090
27
4
8075
2,589
0
8070
181
0
8060
31
90
8050
5,018
1
8040
0
4
8025
3,128
2
8020
434
0
8010
376
273
8000
11,557
0
7990
164
54
7975
1,508
0
7970
440
0
7960
108
219
7950
7,127
0
7930
238
312
7925
1,446
1
7920
392
0
7910
200
949
7900
7,534
3
7890
0
5
7880
289
325
7875
3,335
1
7870
419
0
7860
125
288
7850
4,810
17
7840
444
3
7835
505
1
7830
126
291
7825
3,145
0
7820
93
3
7810
178
1,688
7800
10,292
2
7790
197
9
7780
72
1,112
7775
2,628
0
7770
72
16
7760
151
1,484
7750
4,288
8
7740
126
47
7730
0
666
7725
1,600
0
7720
255
48
7710
251
3,417
7700
6,864
233
7690
228
157
7680
202
1,274
7675
1,378
157
7670
650
167
7660
137
4,992
7650
2,556
142
7640
487
233
7630
9
1,879
7625
821
14
7620
40
0
7610
7
6,310
7600
5,921
105
7590
15
0
7580
9
1,446
7575
1,200
0
7570
10
137
7560
0
10,750
7550
2,859
159
7540
12
188
7530
6
5,561
7525
5,349
114
7520
5
10,595
7500
4,062
164
7490
0
80
7480
0
1,981
7475
1,799
396
7470
0
47
7460
2
5,336
7450
4,908
861
7430
1
1,934
7425
1,091
47
7420
0
68
7410
0
9,157
7400
7,159
57
7390
0
102
7380
0
2,085
7375
987
57
7370
0
60
7360
0
9,701
7350
1,743
77
7340
0
4,233
7325
215
120
7310
2
5,954
7300
4,194
66
7290
0
1,777
7275
166
56
7270
0
64
7260
0
7,879
7250
2,303
54
7240
1
94
7230
0
869
7225
225
169
7220
0
14,492
7200
2,767
30
7190
0
40
7180
0
974
7175
0
91
7160
0
4,640
7150
816
85
7130
0
3,560
7125
62
35
7120
0
91
7110
0
7,963
7100
1,615
111
7090
0
2,796
7075
49
42
7070
0
21
7060
0
4,174
7050
1,096
129
7040
0
1
7030
0
1,659
7025
43
9
7010
0
14,319
7000
4,162
8
6990
0
47
6980
0
871
6975
6
15
6960
0
1,863
6950
949
Volatility & Market Expectations
ATM Implied Volatility12.3%
IV vs 20-day average▲ rising (was 12.1%)
Expected move (to expiry, ±1σ)±$237.97 ($7,459.03 – $7,934.97)
Implied Volatility Curve
Today Yesterday 1 Week Ago
NET OI (contracts) · calls ▲ / puts ▼ −11,725 10%15%20%25%30%35%40% 650070007500800085009000 ATM 7697 VOLATILITY (ANNUAL %) STRIKE
Realized vs Normal Range
Normal 1-Day (±1σ)±$49.62
Normal 3-Day±$85.95
1-Day Realized$24.00
3-Day Realized$59.00
Realized vs Normal (1D)24%
Realized vs Normal (3D)34%
What the Vol Is Telling Us

The options structure shows heavy call selling above 8000 and concentrated put buying below 7550, creating a wide 450-point bracket around current spot. Gamma is stacked at resistance (8000, 8500) and support (7200, 7000, 6800), suggesting realized volatility will compress within the range but spike sharply on breakouts. Implied volatility appears rich given the current uptrend and low realized movement within today's 24-point range.

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