The Traders Brief©
Options Snapshot©
as of 15:00 ET · live · ● live-ready
Natural Gas Options
NG · CLASS LNE · EXP 2026-10-27
Spot
$2.63
H 2.79L 2.62
▼ -0.17 (-6.01%)
as of 14:42 EST
2.62
2.79 Day Range
ATM Implied Vol
65.5%
▲ rising from 64.2%
OI Control
Puts 23.8×
puts control the chain
Realized vs Normal
95%
within IV expectations
Summary Pivots
Max Pain
$2.85
destroys most premium
All-OI Equilibrium
$2.65
OI-weighted center
Today's Equilibrium
$2.63
volume-weighted center
What Matters Mostas of 14:10 EST
Bulls
Heavy put open interest at 2.50 (47,738) and 2.60 (18,638) creates support zone
33,389 puts at 2.25 floor marks deep downside protection layer
Net negative positioning dominates below spot with 118k+ put contracts accumulated
Bears
Major gamma strike at 2.75 holds 58,489 puts, nearest resistance above spot
44,164 puts at 3.00 create negative gamma pocket capping upside momentum
Thin call walls at 2.80-3.05 offer little meaningful resistance above 2.75
Watch — The 2.75 strike with 56,869 net negative delta is the critical near-term gamma magnet above current levels.
Key Levels
$3.15RESISTCall OI wall above price — resistance5,552
$3.10RESISTCall OI wall above price — resistance14,483
$3.00MAGNETNet-OI magnet — gamma pivot · dealer hedging accelerates here44,164
$2.75MAGNETNet-OI magnet — gamma pivot · dealer hedging accelerates here58,489
$2.60SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here18,638
$2.55SUPPORTPut OI wall below price — support13,049
$2.50SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here47,738
$2.30SUPPORTPut OI wall below price — support8,709
$2.25SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here33,389
All Open Interest
Puts Control the Chain 23.8 : 1
Total Open Interest Calls 8,570 | Puts 204,379
Average Strike Calls 2.73 | Puts 2.65
Avg Strike — All 2.65
In-the-MoneyCalls 21.1% | Puts 55.3%
Strike Control0 Call-Led | 10 Put-Led of 10
Heavy Call Strikes
2,469 @ 2.851,620 @ 2.751,420 @ 2.8
Heavy Put Strikes
58,489 @ 2.7547,738 @ 2.518,638 @ 2.6
Heavy Combined Strikes
60,109 @ 2.7548,580 @ 2.520,324 @ 2.85
Traded Today
Puts Control Today's Flow 4.7 : 1
Total Volume Calls 18,993 | Puts 90,002
Average Strike Calls 2.77 | Puts 2.60
Avg Strike — All 2.63
Heavy Call Strikes (today)
8,911 @ 2.753,694 @ 2.83,591 @ 2.85
Heavy Put Strikes (today)
28,238 @ 2.522,242 @ 2.7511,529 @ 2.6
Heavy Combined Strikes (today)
31,153 @ 2.7528,238 @ 2.511,530 @ 2.6
OI Magnets
LNE 20261027 · 4 DTE · spot $2.63 · bar = open interest
OI MAGNET
$2.75
OI 60,109 · +0.12 to spot
PutStrikeCall
17,855
2.85
2,469
10,686
2.8
1,420
58,489
2.75
1,620
12,599
2.7
700
13,356
2.65
553
18,638
2.6
587
13,049
2.55
9
47,738
2.5
842
6,602
2.45
353
5,367
2.4
17
Volatility & Market Expectations
ATM Implied Volatility65.5%
IV vs 20-day average▲ rising (was 64.2%)
Expected move (to expiry, ±1σ)±$0.18 ($2.45 – $2.81)
Implied Volatility Curve
Today Yesterday 1 Week Ago
NET OI (contracts) · calls ▲ / puts ▼ −56,869 60%65%70%75%80%85%90%95% 2.102.202.302.402.502.602.702.802.903.003.103.20 ATM 2.628 VOLATILITY (ANNUAL %) STRIKE
Realized vs Normal Range
Normal 1-Day (±1σ)±$0.09
Normal 3-Day±$0.16
1-Day Realized$0.17
3-Day Realized$0.38
Realized vs Normal (1D)95%
Realized vs Normal (3D)123%
What the Vol Is Telling Us

The options structure shows extreme put dominance with heavy accumulation at 2.50 and 2.60, suggesting hedging against further downside despite spot stabilizing. With major gamma strikes at 2.75 and 3.00 bracketing the zone above, realized volatility from overnight weakness to 2.638 may compress as dealers hedge into this negative gamma pocket. Premiums reflect elevated uncertainty: 2.75 puts at $0.061 versus calls at $0.107 show modest call skew despite the bearish backdrop.

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