The Traders Brief©
Options Snapshot©
as of 12:21 ET · live · ● live-ready
Silver Futures
SI · CLASS SO · EXP 2026-07-28
Spot
$59.29
▲ +0.00 (+0.00%)
ATM Implied Vol
47.5%
—
OI Control
Puts 3.0×
puts control the chain
Realized vs Normal
—
within IV expectations
Summary Pivots
Max Pain
$63.00
destroys most premium
All-OI Equilibrium
$60.39
OI-weighted center
Today's Equilibrium
$59.69
volume-weighted center
What Matters Most
Bulls
Strong put support at 50.00 (net -422) and 53.75 (net -262) may cushion further declines
Call OI at 65.00 (416 contracts) suggests buyers defend rallies toward that resistance
Today's bounce from 55.6950 low held above key 53.75 support zone
Bears
Hawkish Fed (80% December hike probability) pressures gold, 5% weekly decline underway
Put gamma concentration at 62.00 (net -515) and 70.00 (net -260) caps upside
Price 20% below 90-day high, momentum weak with 5-day MA under 30-day MA
Watch — Watch 62.00 put gamma wall (net -515) as resistance and 53.75 support/gamma (net -262) for range boundaries.
Key Levels
$70.25RESISTCall OI wall above price — resistance197
$70.00MAGNETNet-OI magnet — gamma pivot · dealer hedging accelerates here437
$67.25RESISTCall OI wall above price — resistance97
$67.00RESISTCall OI wall above price — resistance341
$66.75RESISTCall OI wall above price — resistance154
$65.00RESISTCall OI wall above price — resistance416
$62.00MAGNETNet-OI magnet — gamma pivot · dealer hedging accelerates here545
$57.00SUPPORTPut OI wall below price — support234
$55.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here394
$53.75SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here262
$52.00SUPPORTPut OI wall below price — support249
$50.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here431
All Open Interest
Puts Control the Chain 3.0 : 1
Total Open Interest Calls 1,718 | Puts 5,150
Average Strike Calls 62.07 | Puts 59.83
Avg Strike — All 60.39
Heavy Call Strikes
416 @ 65239 @ 60239 @ 63
Heavy Put Strikes
545 @ 62481 @ 63442 @ 60
Heavy Combined Strikes
743 @ 65720 @ 63681 @ 60
Traded Today
Calls Control Today's Flow 1.1 : 1
Total Volume Calls 517 | Puts 487
Average Strike Calls 61.99 | Puts 57.25
Avg Strike — All 59.69
Heavy Call Strikes (today)
116 @ 65109 @ 6075 @ 64
Heavy Put Strikes (today)
110 @ 53.7572 @ 5546 @ 60
Heavy Combined Strikes (today)
155 @ 60124 @ 65110 @ 53.75
OI Magnets
SO 20260728 · 30 DTE · spot $59.29 · bar = open interest
$65.00call wall
OI 743 · +5.71 to spot
OI MAGNET
PutStrikeCall
327
65
416
6
64.75
3
34
64.5
35
14
64.25
4
156
64
58
29
63.75
68
68
63.5
26
5
63.25
8
481
63
239
170
62.75
13
168
62.5
11
18
62.25
61
545
62
30
30
61.75
7
234
61.5
27
10
61.25
2
186
61
38
27
60.75
27
115
60.5
64
13
60.25
2
442
60
239
5
59.75
3
37
59.5
117
36
59.25
10
117
59
96
14
58.75
5
104
58.5
34
71
58.25
1
151
58
39
9
57.75
1
113
57.5
10
12
57.25
0
234
57
7
13
56.75
0
22
56.5
0
35
56.25
0
178
56
0
16
55.75
0
3
55.5
1
32
55.25
1
394
55
4
8
54.75
1
8
54.5
2
52
54.25
3
86
54
5
262
53.75
0
60
53.5
0
Volatility & Market Expectations
ATM Implied Volatility47.5%
IV vs 20-day average—
Expected move (to expiry, ±1σ)±$8.07 ($51.22 – $67.36)
Implied Volatility Curve
Today Yesterday 1 Week Ago
50%60%70%80%90% 29.753030.2530.530.753131.2531.531.753232.2532.532.753333.2533.533.753434.2534.534.753535.2535.535.753636.2536.536.753737.2537.537.753838.2538.538.753939.2539.539.754040.2540.540.754141.2541.541.754242.2542.542.754343.2543.543.754444.2544.544.754545.2545.545.754646.2546.546.754747.2547.547.754848.2548.548.754949.2549.549.7550.2550.755151.2551.551.755252.2552.552.755353.2553.553.755454.2554.554.755557.557.7559.559.756060.2560.560.756161.2561.561.756262.2562.562.756363.2563.563.756464.2564.564.756565.2565.565.756666.2566.566.756767.2567.567.756868.2568.568.756969.2569.569.757070.2570.570.757171.2571.571.757272.2572.572.757373.2573.573.757474.2574.574.757575.2575.575.757676.2576.576.757777.2577.577.757878.2578.578.757979.2579.579.758080.2580.580.758181.2581.581.758282.2582.582.758383.2583.583.758484.2584.584.758585.2585.585.758686.2586.586.758787.2587.587.758888.2588.588.75 SPOT VOLATILITY (ANNUAL %) STRIKE
Realized-vs-normal range populates once the engine stores daily price ranges.
What the Vol Is Telling Us

Heavy put open interest below spot (62.00, 57.00, 53.75) indicates hedging or bearish positioning in a falling market. Call selling dominates above-market strikes (67.00, 65.00), capping rebounds. Gamma at 70.00 and 62.00 suggests dealers will resist sharp moves beyond current 53.75-62.00 range. Implied volatility likely elevated given 5% weekly decline and Fed uncertainty, while realized vol climbs on today's 3.77-point range.

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