The Traders Brief©
Options Snapshot©
as of 12:21 ET · live · ● live-ready
Copper Futures
HG · CLASS HXE · EXP 2026-07-28
Spot
$6.14
▲ +0.00 (+0.00%)
ATM Implied Vol
28.1%
—
OI Control
Puts 1.3×
puts control the chain
Realized vs Normal
—
within IV expectations
Summary Pivots
Max Pain
$6.35
destroys most premium
All-OI Equilibrium
$6.24
OI-weighted center
Today's Equilibrium
$6.25
volume-weighted center
What Matters Most
Bulls
6.00 holds heaviest put OI at 1,225 contracts, strong gamma support zone
Three-tier put wall 5.50-6.10 net -2,313 contracts protects downside
Price held above 6.10 support despite today's 5.9610 low test
Bears
7.00 massive call OI 3,976 contracts forms hard gamma resistance overhead
Fed hawkish signals drive 5% weekly decline, rate hike 80% priced December
Call wall 6.25-7.25 net +6,578 contracts caps upside rallies
Watch — 6.00 strike is the critical pivot with 1,225 put OI and gamma support; break below likely accelerates to 5.75.
Key Levels
$7.25RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here1,418
$7.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here3,976
$6.90RESISTCall OI wall above price — resistance592
$6.75RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here1,822
$6.60RESISTCall OI wall above price — resistance836
$6.10SUPPORTPut OI wall below price — support632
$6.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here1,225
$5.80SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here1,698
$5.75SUPPORTPut OI wall below price — support653
$5.50SUPPORTPut OI wall below price — support477
All Open Interest
Puts Control the Chain 1.3 : 1
Total Open Interest Calls 6,612 | Puts 8,295
Average Strike Calls 6.51 | Puts 6.03
Avg Strike — All 6.24
Heavy Call Strikes
1,822 @ 6.75836 @ 6.6657 @ 6.2
Heavy Put Strikes
1,698 @ 5.81,225 @ 6705 @ 6.4
Heavy Combined Strikes
1,951 @ 5.81,824 @ 6.751,312 @ 6.4
Traded Today
Calls Control Today's Flow 1.3 : 1
Total Volume Calls 597 | Puts 447
Average Strike Calls 6.51 | Puts 5.90
Avg Strike — All 6.25
Heavy Call Strikes (today)
185 @ 6.590 @ 6.767 @ 6.4
Heavy Put Strikes (today)
129 @ 661 @ 5.847 @ 5.95
Heavy Combined Strikes (today)
185 @ 6.5142 @ 690 @ 6.7
OI Magnets
HXE 20260728 · 30 DTE · spot $6.14 · bar = open interest
$5.80call wall
OI 1,951 · -0.34 to spot
OI MAGNET
PutStrikeCall
2
6.75
1,822
311
6.7
638
6
6.65
112
37
6.6
836
213
6.55
319
82
6.5
629
51
6.45
35
705
6.4
607
81
6.35
148
35
6.3
76
388
6.25
284
268
6.2
657
352
6.15
3
632
6.1
12
474
6.05
79
1,225
6
73
87
5.95
1
228
5.9
17
152
5.85
11
1,698
5.8
253
653
5.75
0
117
5.7
0
28
5.65
0
414
5.6
0
56
5.55
0
Volatility & Market Expectations
ATM Implied Volatility28.1%
IV vs 20-day average—
Expected move (to expiry, ±1σ)±$0.50 ($5.65 – $6.64)
Implied Volatility Curve
Today Yesterday 1 Week Ago
25%30%35%40%45%50%55%60% 3.253.43.453.53.553.63.653.73.753.83.853.93.9544.054.14.154.24.254.34.354.44.454.54.554.64.654.74.754.84.854.94.9555.055.15.155.25.255.35.355.45.455.55.555.65.655.75.7566.056.16.156.26.256.36.356.46.456.56.556.66.656.76.756.86.856.96.9577.057.17.157.27.257.37.357.47.57.77.757.888.759 SPOT VOLATILITY (ANNUAL %) STRIKE
Realized-vs-normal range populates once the engine stores daily price ranges.
What the Vol Is Telling Us

Spot at 6.1435 sits in a narrow band between 6.10 put support and 6.25 call resistance, suggesting range compression and low realized volatility near-term. Heavy gamma concentration at 7.00 calls and 6.00 puts frames a 100-point battlefield. Implied volatility likely elevated from Fed uncertainty, but today's 200-point range hints dealers may keep spot pinned between 6.00-6.50 absent fresh macro catalysts.

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