The Traders Brief©
Options Snapshot©
as of 15:00 ET · live · ● live-ready
Brent Options
COIL · CLASS COIL · EXP 2026-09-25
Spot
$104.59
H 106.02L 101.53
▼ -1.24 (-1.17%)
as of 14:21 EST
101.53
106.02 Day Range
ATM Implied Vol
49.1%
▼ falling from 50.9%
OI Control
Calls 1.8×
calls control the chain
Realized vs Normal
84%
within IV expectations
Summary Pivots
Max Pain
$98.50
destroys most premium
All-OI Equilibrium
$102.43
OI-weighted center
Today's Equilibrium
$104.08
volume-weighted center
What Matters Mostas of 14:24 EST
Bulls
Heavy put wall at 93 strike with 53,202 OI provides strong gamma support
Layered put support from 85-93 totals over 190,000 contracts net short
105 strike call OI of 12,770 is nearest resistance above current levels
Bears
Call walls stacked 110-125 with over 88,000 net long cap further upside
110 strike gamma resistance at 32,018 call OI could slow momentum near-term
Downside pressure today from easing export-disruption fears despite inventory draws
Watch — The 105 strike sits as immediate resistance with 12,770 call OI, while the 93 strike anchors downside with massive 53,202 put gamma support.
Key Levels
$125.00RESISTCall OI wall above price — resistance26,787
$120.00RESISTCall OI wall above price — resistance17,144
$115.00RESISTCall OI wall above price — resistance13,481
$110.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here32,018
$105.00RESISTCall OI wall above price — resistance12,770
$93.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here53,202
$90.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here50,184
$88.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here31,605
$86.00SUPPORTPut OI wall below price — support34,497
$85.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here53,244
All Open Interest
Calls Control the Chain 1.8 : 1
Total Open Interest Calls 174,144 | Puts 94,304
Average Strike Calls 104.78 | Puts 98.08
Avg Strike — All 102.43
In-the-MoneyCalls 49.4% | Puts 7.0%
Strike Control53 Call-Led | 14 Put-Led of 82
Heavy Call Strikes
32,018 @ 11024,312 @ 10013,481 @ 115
Heavy Put Strikes
32,338 @ 9525,323 @ 9811,465 @ 100
Heavy Combined Strikes
40,455 @ 9535,777 @ 10032,747 @ 110
Traded Today
Calls Control Today's Flow 1.3 : 1
Total Volume Calls 31,763 | Puts 24,102
Average Strike Calls 108.24 | Puts 98.60
Avg Strike — All 104.08
Heavy Call Strikes (today)
13,439 @ 1104,275 @ 1054,244 @ 115
Heavy Put Strikes (today)
7,497 @ 955,456 @ 1003,005 @ 98
Heavy Combined Strikes (today)
13,440 @ 1108,504 @ 1007,654 @ 95
OI Magnets
COIL 20260925 18:30:00 GB · 8 DTE · spot $104.59 · bar = open interest
OI MAGNET
$95.00
OI 40,455 · -9.59 to spot
PutStrikeCall
196
115
13,481
8
114.5
775
20
114
2,439
24
113
3,325
12
112
2,122
41
111
4,393
16
110.5
281
729
110
32,018
69
109.5
248
505
109
4,201
2
108.75
25
22
108.5
234
3
108.25
24
336
108
2,960
4
107.75
13
66
107.5
404
14
107.25
14
1,051
107
2,155
48
106.75
152
65
106.5
424
58
106.25
18
138
106
3,820
27
105.75
38
49
105.5
1,398
19
105.25
8
2,988
105
12,770
74
104.75
430
67
104.5
1,048
48
104.25
17
852
104
6,182
28
103.75
2
242
103.5
1,292
69
103.25
7
1,675
103
3,498
34
102.75
2
419
102.5
1,723
68
102.25
157
1,792
102
5,522
70
101.75
7
99
101.5
2,677
42
101.25
9
2,345
101
5,275
24
100.75
13
674
100.5
958
75
100.25
20
11,465
100
24,312
50
99.75
125
326
99.5
395
96
99.25
4
776
99
3,641
58
98.75
72
157
98.5
965
21
98.25
24
25,323
98
5,181
86
97.75
86
876
97.5
1,893
49
97.25
80
2,137
97
3,878
82
96.75
151
178
96.5
275
47
96.25
76
3,372
96
5,446
130
95.75
64
980
95.5
1,766
73
95.25
111
32,338
95
8,117
54
94.75
273
350
94.5
496
73
94.25
134
Volatility & Market Expectations
ATM Implied Volatility49.1%
IV vs 20-day average▼ falling (was 50.9%)
Expected move (to expiry, ±1σ)±$7.60 ($96.99 – $112.19)
Implied Volatility Curve
Today Yesterday 1 Week Ago
NET OI (contracts) · calls ▲ / puts ▼ +31,289 50%55%60%65%70%75%80% 859095100105110115120125 ATM 104.59 VOLATILITY (ANNUAL %) STRIKE
Realized vs Normal Range
Normal 1-Day (±1σ)±$2.69
Normal 3-Day±$4.65
1-Day Realized$4.49
3-Day Realized$7.92
Realized vs Normal (1D)84%
Realized vs Normal (3D)85%
What the Vol Is Telling Us

The options structure shows extreme polarization: call walls densely packed above 110 versus concentrated put support clustered 85-93. With spot trading between these zones after a sharp 19.52% three-month rally, implied volatility likely remains elevated. The 110 and 93 strikes represent key gamma pivots where dealer hedging flows could amplify directional moves if breached.

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