The Traders Brief Options Snapshot
Monday, July 20, 2026 (03:00 PM)
ICE Brent Crude (COIL)
Expiration: 2026-07-28 (8 Days)
Strike Analysis Range: $78.79 to $96.29 ($87.54 ±10%)

A. Volatility Analysis & Market Expectations
  * ATM Implied Volatility: 63.7%
  * Today's Realized Range: $5.30
  * Normal 1-Day Range (1 SD): ±$2.92
  * Realized vs. Normal: 91%
  * 3-Day Realized Range: $7.71
  * Normal 3-Day Range: ±$5.05
  * Realized vs. Normal: 76%
  * Expected Move (1 SD): ±$8.25 (range $79.29 to $95.79)

B. Options - All Open Interest
  * Calls Control the Chain by a Ratio of: 2.0 to 1
  * Total Open Interest: Calls 243,615 | Puts 119,040
  * Average Strike: Calls 87.64 | Puts 84.30
  * Average Strike for All Calls & Puts - 86.54
  * Heavy Call Strikes - 43,046 @ 85.00 | 34,601 @ 95.00 | 30,917 @ 90.00
  * Heavy Put Strikes - 29,459 @ 80.00 | 28,109 @ 85.00 | 13,251 @ 83.00
  * Heavy Combined Strikes - 71,155 @ 85.00 | 50,417 @ 80.00 | 42,009 @ 90.00

C. Options - Traded Today
  * Calls Lead Volume by a ratio of 1.6 to 1
  * Today's Volume: Calls 45,239 | Puts 27,440
  * Average Strike Traded Today: Calls 90.48 | Puts 82.68
  * Average Strike - Combined Traded Today - 87.53
  * Heavy Call Strikes Today - 14,076 @ 90.00 | 10,721 @ 95.00 | 6,519 @ 91.00
  * Heavy Put Strikes Today - 9,675 @ 80.00 | 5,524 @ 82.00 | 5,074 @ 85.00

D. Summary - What Matters Most
  * Bulls Need Price Above > 87.64, Bears Need Price Below < 84.30
  * Battle Zone Strikes: 84.30 to 87.64. Chain Average Strike - All Options - 86.54.
  * Currently in the Money: All Calls 52% | All Puts 21%
  * Who Controls the Strikes?: Bulls (calls) 62 | Bears (puts) 8 (of 70 total)
  * Max Pain @ 84.00 destroys the greatest amount of premium ($377,342 intrinsic value)
  ** Max Pain - 84.00 | Break Above=Bullish | Break Below=Bearish
  ** Bull-Bear Line - All Open Interest - 86.54 | Break Above=Bullish | Break Below=Bearish
  ** Bull-Bear Line - Today's Options - 87.53 | Break Above=Bullish | Break Below=Bearish

E. Thesis - Bulls / Bears / Watch
  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.

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