⚠ STALE DATA — spot data is 74h old (prior session or a stalled pipeline)
The Traders Brief©
Options Snapshot©
as of 15:00 ET · live · ● live-ready
Brent Options
COIL · CLASS COIL · EXP 2026-07-28
Spot
$87.54
H 87.62L 83.71
▲ +3.31 (+3.93%)
as of 13:06 EST
83.71
87.62 Day Range
ATM Implied Vol
63.7%
▲ rising from 59.5%
OI Control
Calls 2.0×
calls control the chain
Realized vs Normal
91%
within IV expectations
Summary Pivots
Max Pain
$84.00
destroys most premium
All-OI Equilibrium
$86.54
OI-weighted center
Today's Equilibrium
$87.53
volume-weighted center
What Matters Most
Bulls
Spot 88.10 down 1.46% from close but holding above 90.00 call resistance zone
Geopolitical supply risk from Iran Strait of Hormoz and Houthi Saudi blockade
Heavy put wall at 76.00 strike with 71,145 OI provides strong downside support
Bears
Price fell 3.67% from close, breaching 90.00 strike with 30,917 call OI overhead
Stacked call resistance at 95.00 and 100.00 strikes totaling 78,838 contracts
Today's 86.12 low shows 5.25 point volatility despite bullish supply news
Watch — 90.00 strike is the immediate battleground with 30,917 calls vs 11,092 puts and net +19,825 positioning.
Key Levels
$105.00RESISTCall OI wall above price — resistance11,614
$100.50RESISTCall OI wall above price — resistance11,116
$100.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here44,237
$95.00RESISTCall OI wall above price — resistance34,601
$90.00RESISTCall OI wall above price — resistance30,917
$76.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here71,145
$75.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here66,512
$74.00SUPPORTPut OI wall below price — support45,061
$72.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here99,549
$71.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here129,028
All Open Interest
Calls Control the Chain 2.0 : 1
Total Open Interest Calls 243,615 | Puts 119,040
Average Strike Calls 87.64 | Puts 84.30
Avg Strike — All 86.54
In-the-MoneyCalls 52.4% | Puts 20.7%
Strike Control62 Call-Led | 8 Put-Led of 70
Heavy Call Strikes
43,046 @ 8534,601 @ 9530,917 @ 90
Heavy Put Strikes
29,459 @ 8028,109 @ 8513,251 @ 83
Heavy Combined Strikes
71,155 @ 8550,417 @ 8042,009 @ 90
Traded Today
Calls Control Today's Flow 1.6 : 1
Total Volume Calls 45,239 | Puts 27,440
Average Strike Calls 90.48 | Puts 82.68
Avg Strike — All 87.53
Heavy Call Strikes (today)
14,076 @ 9010,721 @ 956,519 @ 91
Heavy Put Strikes (today)
9,675 @ 805,524 @ 825,074 @ 85
Heavy Combined Strikes (today)
14,920 @ 9010,721 @ 959,953 @ 80
OI Magnets
COIL 20260728 18:30:00 GB · 8 DTE · spot $87.54 · bar = open interest
OI MAGNET
$85.00
OI 71,155 · -2.54 to spot
PutStrikeCall
13
96.25
112
213
96
8,151
11
95.75
52
104
95.5
127
2
95.25
827
2,992
95
34,601
24
94.75
869
418
94.5
264
41
94.25
85
888
94
2,521
8
93.75
418
293
93.5
362
22
93.25
150
1,137
93
3,102
13
92.75
232
263
92.5
1,340
32
92.25
301
1,037
92
5,623
19
91.75
200
101
91.5
280
6
91.25
59
1,200
91
8,811
16
90.75
168
135
90.5
2,461
44
90.25
336
11,092
90
30,917
12
89.75
187
154
89.5
509
6
89.25
66
2,385
89
3,146
64
88.75
411
59
88.5
158
30
88.25
216
1,702
88
8,524
73
87.75
298
467
87.5
1,528
38
87.25
849
678
87
6,289
64
86.75
120
203
86.5
711
76
86.25
172
778
86
10,309
42
85.75
148
1,547
85.5
1,546
288
85.25
339
28,109
85
43,046
21
84.75
498
1,305
84.5
552
80
84.25
137
2,925
84
3,207
28
83.75
340
272
83.5
857
39
83.25
197
13,251
83
11,775
392
82.75
349
2,912
82.5
1,301
56
82.25
364
3,392
82
8,217
38
81.75
427
425
81.5
875
89
81.25
203
2,811
81
5,671
12
80.75
425
322
80.5
928
29
80.25
279
29,459
80
20,958
268
79.75
520
271
79.5
1,184
38
79.25
253
3,706
79
3,157
Volatility & Market Expectations
ATM Implied Volatility63.7%
IV vs 20-day average▲ rising (was 59.5%)
Expected move (to expiry, ±1σ)±$8.25 ($79.29 – $95.79)
Implied Volatility Curve
Today Yesterday 1 Week Ago
NET OI (contracts) · calls ▲ / puts ▼ +31,609 55%60%65%70%75%80%85%90% 707580859095100105 ATM 87.54 VOLATILITY (ANNUAL %) STRIKE
Realized vs Normal Range
Normal 1-Day (±1σ)±$2.92
Normal 3-Day±$5.05
1-Day Realized$5.30
3-Day Realized$7.71
Realized vs Normal (1D)91%
Realized vs Normal (3D)76%
What the Vol Is Telling Us

Spot traded a wide 5.30 range (86.12-91.42) today despite closing only 1.46% lower, suggesting realized volatility is spiking on geopolitical headlines. The options structure shows elevated premiums with 90.00 calls at $3.00 and 76.00 puts at $0.33, reflecting heightened implied volatility. Heavy gamma concentration at 100.00 above and 72.00/71.00 below frames a 12-point expected range. Call skew dominates upside strikes while massive put open interest below 76.00 signals hedging demand.

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