The Traders Brief Options Snapshot
Sunday, June 28, 2026 (01:08 PM)
Henry Hub Natural Gas (NG)
Expiration: 2026-07-28 (30 Days)
Strike Analysis Range: $3.053 to $3.731 ($3.392 ±10%)

A. Volatility Analysis & Market Expectations
  * ATM Implied Volatility: 48.9%
  * Realized-vs-normal range populates once the engine has daily bars + ATM IV (after a market-hours pull).
  * Expected Move (1 SD): ±$0.480 (range $2.920 to $3.870)

B. Options - All Open Interest
  * Calls Control the Chain by a Ratio of: 1.8 to 1
  * Total Open Interest: Calls 80,201 | Puts 45,695
  * Average Strike: Calls 3.430 | Puts 3.290
  * Average Strike for All Calls & Puts - 3.380
  * Heavy Call Strikes - 36,393 @ 3.500 | 15,159 @ 3.250 | 4,909 @ 3.600
  * Heavy Put Strikes - 16,514 @ 3.250 | 9,603 @ 3.500 | 5,900 @ 3.100
  * Heavy Combined Strikes - 45,996 @ 3.500 | 31,673 @ 3.250 | 7,049 @ 3.100

C. Options - Traded Today
  * Calls Lead Volume by a ratio of 2.8 to 1
  * Today's Volume: Calls 5,212 | Puts 1,851
  * Average Strike Traded Today: Calls 3.510 | Puts 3.210
  * Average Strike - Combined Traded Today - 3.430
  * Heavy Call Strikes Today - 1,335 @ 3.650 | 1,011 @ 3.450 | 867 @ 3.500
  * Heavy Put Strikes Today - 530 @ 3.250 | 496 @ 3.100 | 260 @ 3.200

D. Summary - What Matters Most
  * Bulls Need Price Above > 3.430, Bears Need Price Below < 3.290
  * Battle Zone Strikes: 3.290 to 3.430. Chain Average Strike - All Options - 3.380.
  * Currently in the Money: All Calls 32% | All Puts 28%
  * Who Controls the Strikes?: Bulls (calls) 9 | Bears (puts) 4 (of 13 total)
  * Max Pain @ 3.250 destroys the greatest amount of premium ($3,951 intrinsic value)
  ** Max Pain - 3.250 | Break Above=Bullish | Break Below=Bearish
  ** Bull-Bear Line - All Open Interest - 3.380 | Break Above=Bullish | Break Below=Bearish
  ** Bull-Bear Line - Today's Options - 3.430 | Break Above=Bullish | Break Below=Bearish

E. Thesis - Bulls / Bears / Watch
  Bulls
  * Strong 3.00 put wall (-37,085 net) and 2.75 support (-25,208) cushion downside
  * Price rallied 9.9% over 30 days, now above key moving averages
  * Elevated implied vol at 48.9% amid forecasted extreme heat through early July
  Bears
  * Storage 5.7% above 5-year average with recent +76 Bcf injection signals ample supply
  * Heavy call OI at 4.00 (+36,914) and 3.75 (+26,686) caps upside rallies
  * Net positive skew above spot creates resistance cluster from 3.40 through 4.00
  Watch: Monitor 3.25 strike (net +15,159 calls) as pivot; break above targets 3.40-3.60 resistance zone, failure tests 3.00 put support.

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