Implied volatility is elevated with calls trading at steep premiums above spot (4800C at $3.70, 4600C at $7.40) while near-the-money puts show heightened demand (4000P at $101.30). Today's 3998-4081 realized range suggests dealers are managing significant gamma exposure at round-number strikes. The skew favors downside protection as price hovers just above the 4000 support pivot.
Implied volatility is elevated with calls trading at steep premiums above spot (4800C at $3.70, 4600C at $7.40) while near-the-money puts show heightened demand (4000P at $101.30). Today's 3998-4081 realized range suggests dealers are managing significant gamma exposure at round-number strikes. The skew favors downside protection as price hovers just above the 4000 support pivot.