The Traders Brief©
Options Snapshot©
as of 07:55 ET · live · ● live-ready
Silver Options
SI · CLASS SO · EXP 08-26 ⟶ SIU6
Spot
$68.39
H 69.75L 68.19
▼ -0.28 (-0.41%)
as of 07:25 EST
68.19
69.75 Day Range
ATM Implied Vol
51.6%
▲ rising from 44.3%
OI Control
Calls 3.1×
calls control the chain
Realized vs Normal
42%
within IV expectations
Summary Pivots
Max Pain
$65.00
destroys most premium
All-OI Equilibrium
$68.55
OI-weighted center
Today's Equilibrium
$65.11
volume-weighted center
What Matters Most
Bulls
Strong put wall at 60.00 with net -527 and 836 put OI anchors downside
Layered support from 55.00 to 61.00 with net short positioning below spot
Price holding above 68.39 close within today's range of 68.19-69.75
Bears
Heavy call resistance at 75.00 with net +1,396 and 1,416 call OI caps upside
Stacked resistance from 69.50 to 75.00 all showing net long gamma exposure
Nearest resistance at 69.50 with net +647 just above current spot level
Watch — Watch 69.50 strike with net +647 as immediate resistance and 60.00 with net -527 as key support anchor.
Key Levels
$75.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here1,416
$74.00RESISTCall OI wall above price — resistance386
$73.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here653
$70.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here969
$69.50RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here659
$61.00SUPPORTPut OI wall below price — support310
$60.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here836
$59.00SUPPORTPut OI wall below price — support261
$58.50SUPPORTPut OI wall below price — support110
$58.25SUPPORTPut OI wall below price — support94
All Open Interest
Calls Control the Chain 3.1 : 1
Total Open Interest Calls 10,009 | Puts 3,209
Average Strike Calls 69.19 | Puts 66.55
Avg Strike — All 68.55
In-the-MoneyCalls 41.5% | Puts 22.9%
Strike Control63 Call-Led | 35 Put-Led of 164
Heavy Call Strikes
1,416 @ 75969 @ 70733 @ 67
Heavy Put Strikes
590 @ 67273 @ 62205 @ 65
Heavy Combined Strikes
1,436 @ 751,323 @ 671,157 @ 70
Traded Today
Calls Control Today's Flow 4.2 : 1
Total Volume Calls 822 | Puts 194
Average Strike Calls 64.52 | Puts 67.62
Avg Strike — All 65.11
Heavy Call Strikes (today)
203 @ 62.5198 @ 6269 @ 70
Heavy Put Strikes (today)
63 @ 6836 @ 68.518 @ 67.5
Heavy Combined Strikes (today)
204 @ 62.5198 @ 6275 @ 68
OI Magnets
SO 20260826 · 0 DTE · spot $68.39 · bar = open interest
OI MAGNET
$75.00
OI 1,436 · +6.61 to spot
PutStrikeCall
20
75
1,416
0
74.75
21
1
74.5
19
0
74.25
15
26
74
386
0
73.75
42
0
73.5
47
0
73.25
22
183
73
653
0
72.75
35
0
72.5
113
0
72.25
23
0
72.1
1
82
72
287
29
71.75
24
0
71.7
1
0
71.6
8
0
71.5
38
0
71.4
25
1
71.3
0
26
71.25
38
1
71.2
0
0
71.1
2
21
71
256
2
70.9
0
1
70.8
3
5
70.75
24
1
70.7
0
0
70.6
1
3
70.5
49
1
70.4
4
1
70.3
4
1
70.25
58
1
70.1
0
188
70
969
1
69.8
11
16
69.75
72
4
69.7
0
6
69.6
6
12
69.5
659
2
69.4
6
4
69.3
4
2
69.25
47
1
69.2
7
5
69.1
1
47
69
315
3
68.9
3
0
68.8
2
8
68.75
61
2
68.7
2
9
68.6
1
19
68.5
77
0
68.4
1
3
68.3
9
8
68.25
34
22
68.2
0
2
68.1
0
157
68
371
2
67.9
2
3
67.8
1
19
67.75
88
8
67.6
1
25
67.5
97
23
67.4
0
4
67.3
0
9
67.25
38
12
67.2
1
6
67.1
0
590
67
733
3
66.9
0
4
66.8
0
15
66.75
37
1
66.6
1
58
66.5
112
2
66.3
0
35
66.25
54
2
66.2
0
3
66.1
0
144
66
208
1
65.8
0
49
65.75
35
78
65.5
75
4
65.3
0
20
65.25
20
205
65
665
7
64.9
0
2
64.8
0
13
64.75
48
1
64.6
0
34
64.5
68
38
64.25
43
121
64
263
13
63.75
32
1
63.7
0
8
63.6
0
17
63.5
78
2
63.4
0
27
63.25
14
156
63
325
48
62.75
52
0
62.7
1
64
62.5
257
82
62.25
33
273
62
328
50
61.75
26
Volatility & Market Expectations
ATM Implied Volatility51.6%
IV vs 20-day average▲ rising (was 44.3%)
Expected move (to expiry, ±1σ)±$1.85 ($66.55 – $70.24)
Implied Volatility Curve
Today Yesterday 1 Week Ago
NET OI (contracts) · calls ▲ / puts ▼ +1,396 45%60%75%90%105%120%135% 545658606264666870727476788082 ATM 68.395 VOLATILITY (ANNUAL %) STRIKE
Realized vs Normal Range
Normal 1-Day (±1σ)±$1.85
Normal 3-Day±$3.20
1-Day Realized$1.56
3-Day Realized$2.60
Realized vs Normal (1D)42%
Realized vs Normal (3D)41%
What the Vol Is Telling Us

The options structure shows a classic range-bound setup with heavy call walls from 69.50 to 75.00 capping upside and put support concentrated at 60.00. Realized volatility from today's 68.19-69.75 range suggests muted movement, while the gamma clustering at both boundaries implies dealers will dampen volatility as spot approaches either zone. Implied positioning favors mean reversion within the 60.00-70.00 corridor.

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