The Traders Brief©
Options Snapshot©
as of 15:00 ET · live · ● live-ready
WTI Crude Options
CL · CLASS LO · EXP 2026-08-17
Spot
$83.10
H 84.60L 79.58
▲ +1.32 (+1.61%)
as of 14:50 EST
79.58
84.60 Day Range
ATM Implied Vol
60.7%
▲ rising from 58.1%
OI Control
Calls 1.7×
calls control the chain
Realized vs Normal
95%
within IV expectations
Summary Pivots
Max Pain
$78.50
destroys most premium
All-OI Equilibrium
$81.21
OI-weighted center
Today's Equilibrium
$82.10
volume-weighted center
What Matters Most
Bulls
Spot at 83.10 cleared 80 strike, testing 85 resistance with net +15,844 OI
Deep support stack at 75-67 with net -25,661 OI provides downside floor
Today's spike to 84.60 shows momentum after 5.1% intraday rally from lows
Bears
Heavy call resistance at 85.00 (+15,844), 90.00 (+11,167), 95.00 (+10,999) caps upside
Price stalled just below 85 strike with call OI of 19,503 acting as gamma wall
Four resistance strikes above with cumulative +39,269 net OI block further gains
Watch — The 85.00 strike is the immediate battleground with +15,844 net OI and 19,503 call contracts creating significant resistance.
Key Levels
$97.00RESISTCall OI wall above price — resistance1,847
$95.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here12,200
$90.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here13,682
$85.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here19,503
$84.00RESISTCall OI wall above price — resistance2,421
$80.00MAGNETNet-OI magnet — gamma pivot · dealer hedging accelerates here7,941
$78.50SUPPORTPut OI wall below price — support2,904
$75.00SUPPORTPut OI wall below price — support19,901
$70.00SUPPORTPut OI wall below price — support20,105
$68.00SUPPORTPut OI wall below price — support7,390
$67.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here8,252
All Open Interest
Calls Control the Chain 1.7 : 1
Total Open Interest Calls 109,707 | Puts 63,414
Average Strike Calls 82.13 | Puts 79.62
Avg Strike — All 81.21
In-the-MoneyCalls 55.6% | Puts 20.7%
Strike Control26 Call-Led | 7 Put-Led of 33
Heavy Call Strikes
19,503 @ 8517,085 @ 7514,901 @ 80
Heavy Put Strikes
19,901 @ 757,941 @ 803,954 @ 78
Heavy Combined Strikes
36,986 @ 7523,162 @ 8522,842 @ 80
Traded Today
Calls Control Today's Flow 2.0 : 1
Total Volume Calls 12,617 | Puts 6,418
Average Strike Calls 84.12 | Puts 78.12
Avg Strike — All 82.10
Heavy Call Strikes (today)
4,144 @ 852,003 @ 801,664 @ 90
Heavy Put Strikes (today)
2,100 @ 75986 @ 80717 @ 77
Heavy Combined Strikes (today)
4,272 @ 852,989 @ 802,682 @ 75
OI Magnets
LO 20260817 · 28 DTE · spot $83.10 · bar = open interest
OI MAGNET
$75.00
OI 36,986 · -8.10 to spot
PutStrikeCall
1,328
91
608
80
90.5
450
2,515
90
13,682
174
89.5
482
297
89
1,728
355
88.5
637
391
88
1,220
171
87.5
1,599
1,838
87
977
495
86.5
1,979
695
86
1,593
136
85.5
543
3,659
85
19,503
297
84.5
458
499
84
2,421
212
83.5
806
959
83
2,176
491
82.5
1,004
3,507
82
2,434
1,388
81.5
4,209
560
81
1,962
464
80.5
484
7,941
80
14,901
810
79.5
895
1,730
79
1,944
2,904
78.5
1,052
3,954
78
3,823
464
77.5
893
1,906
77
3,200
504
76.5
262
2,440
76
3,921
349
75.5
776
19,901
75
17,085
Volatility & Market Expectations
ATM Implied Volatility60.7%
IV vs 20-day average▲ rising (was 58.1%)
Expected move (to expiry, ±1σ)±$13.96 ($69.14 – $97.06)
Implied Volatility Curve
Today Yesterday 1 Week Ago
NET OI (contracts) · calls ▲ / puts ▼ +15,844 60%75%90%105%120%135% 65707580859095100 ATM 83.1 VOLATILITY (ANNUAL %) STRIKE
Realized vs Normal Range
Normal 1-Day (±1σ)±$2.64
Normal 3-Day±$4.57
1-Day Realized$5.02
3-Day Realized$6.67
Realized vs Normal (1D)95%
Realized vs Normal (3D)73%
What the Vol Is Telling Us

The options structure shows heavy call selling above spot and put selling below, indicating dealers are short gamma at current levels near 83. Today's 79.58-84.60 range represents 6.3% realized volatility, likely testing the limits of short straddle positioning. With spot between the 80 gamma strike below and 85 resistance wall above, elevated realized vol from geopolitical headlines may be pressuring implied vol higher as dealers hedge large short options exposures.

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