The Traders Brief©
Options Snapshot©
as of 07:55 ET · live · ● live-ready
Copper Options
HG · CLASS HXE · EXP 08-26 ⟶ HGU6
Spot
$6.71
H 6.78L 6.68
▼ -0.00 (-0.02%)
as of 07:27 EST
6.68
6.78 Day Range
ATM Implied Vol
46.3%
▲ rising from 32.8%
OI Control
Calls 1.9×
calls control the chain
Realized vs Normal
30%
within IV expectations
Summary Pivots
Max Pain
$6.45
destroys most premium
All-OI Equilibrium
$6.66
OI-weighted center
Today's Equilibrium
$6.73
volume-weighted center
What Matters Most
Bulls
Stacked support from 6.20 down to 5.75 with net -7,461 put-heavy positioning
Five resistance strikes above (6.80-7.50) create upside gamma ramp into rallies
China copper demand cited in recent context despite mixed industrial data
Bears
Heavy call open interest at 7.00 (5,032 contracts) caps upside as key resistance
Spot at 6.7125 sits below nearest resistance at 6.80 with limited room
Call-dominated structure above suggests dealers short gamma into any rally
Watch — Watch 6.80 strike (net +1,578) as immediate resistance and gamma inflection above current 6.7125 spot.
Key Levels
$7.50RESISTCall OI wall above price — resistance1,225
$7.40RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here1,567
$7.25RESISTCall OI wall above price — resistance1,208
$7.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here5,032
$6.80RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here1,603
$6.20SUPPORTPut OI wall below price — support1,754
$6.10SUPPORTPut OI wall below price — support1,483
$6.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here1,670
$5.90SUPPORTPut OI wall below price — support1,076
$5.75SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here1,732
All Open Interest
Calls Control the Chain 1.9 : 1
Total Open Interest Calls 18,994 | Puts 10,064
Average Strike Calls 6.86 | Puts 6.29
Avg Strike — All 6.66
In-the-MoneyCalls 25.4% | Puts 1.5%
Strike Control46 Call-Led | 31 Put-Led of 134
Heavy Call Strikes
5,032 @ 71,603 @ 6.81,208 @ 7.25
Heavy Put Strikes
1,754 @ 6.21,696 @ 6.251,483 @ 6.1
Heavy Combined Strikes
5,039 @ 72,337 @ 6.251,959 @ 6.2
Traded Today
Calls Control Today's Flow 1.6 : 1
Total Volume Calls 259 | Puts 163
Average Strike Calls 6.74 | Puts 6.71
Avg Strike — All 6.73
Heavy Call Strikes (today)
57 @ 6.754 @ 6.6541 @ 6.76
Heavy Put Strikes (today)
60 @ 6.738 @ 6.7431 @ 6.72
Heavy Combined Strikes (today)
117 @ 6.756 @ 6.6541 @ 6.76
OI Magnets
HXE 20260826 · 0 DTE · spot $6.71 · bar = open interest
OI MAGNET
$7.00
OI 5,039 · +0.29 to spot
PutStrikeCall
0
7.35
313
0
7.3
302
2
7.25
1,208
0
7.2
437
0
7.15
287
0
7.12
6
0
7.11
1
1
7.1
620
0
7.09
6
0
7.07
9
0
7.06
95
0
7.05
787
0
7.04
51
0
7.03
8
0
7.01
28
7
7
5,032
0
6.99
24
0
6.98
3
2
6.95
552
0
6.94
3
0
6.93
1
0
6.91
2
0
6.9
922
0
6.88
1
0
6.87
1
0
6.86
60
18
6.85
356
0
6.84
79
0
6.83
10
0
6.82
9
0
6.81
54
25
6.8
1,603
12
6.79
34
17
6.76
15
38
6.75
1,191
20
6.74
63
4
6.72
0
6
6.71
0
224
6.7
378
9
6.69
0
0
6.68
1
202
6.65
323
29
6.64
0
4
6.63
2
1
6.62
2
5
6.61
4
222
6.6
327
3
6.59
1
13
6.58
2
6
6.57
8
1
6.56
4
180
6.55
357
2
6.54
5
10
6.53
5
10
6.52
0
12
6.51
0
757
6.5
744
6
6.49
0
11
6.48
0
6
6.47
0
3
6.46
0
357
6.45
578
3
6.42
0
1
6.41
0
681
6.4
897
2
6.39
0
1
6.38
0
1
6.36
0
576
6.35
213
2
6.33
0
528
6.3
109
1,696
6.25
641
1,754
6.2
205
711
6.15
11
1,483
6.1
3
97
6.06
0
303
6.05
1
Volatility & Market Expectations
ATM Implied Volatility46.3%
IV vs 20-day average▲ rising (was 32.8%)
Expected move (to expiry, ±1σ)±$0.16 ($6.55 – $6.88)
Implied Volatility Curve
Today Yesterday 1 Week Ago
NET OI (contracts) · calls ▲ / puts ▼ +5,025 20%30%40%50%60%70%80% 5.405.605.806.006.206.406.606.807.007.207.407.607.808.00 ATM 6.7125 VOLATILITY (ANNUAL %) STRIKE
Realized vs Normal Range
Normal 1-Day (±1σ)±$0.16
Normal 3-Day±$0.28
1-Day Realized$0.10
3-Day Realized$0.24
Realized vs Normal (1D)30%
Realized vs Normal (3D)42%
What the Vol Is Telling Us

The options structure shows heavy call selling from 6.80 to 7.50, indicating dealers are short gamma above spot, which could amplify volatility on upside breaks. Downside put walls from 6.20 to 5.75 suggest implied volatility is pricing modest downside risk. With spot in a narrow range and resistance nearby, realized volatility may stay compressed unless 6.80 is breached.

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