The Traders Brief©
Options Snapshot©
as of 15:00 ET · live · ● live-ready
WTI Crude Options
CL · CLASS LO · EXP 2026-09-17
Spot
$101.80
H 102.47L 99.10
▼ -0.63 (-0.62%)
as of 14:56 EST
99.10
102.47 Day Range
ATM Implied Vol
76.1%
▲ rising from 50.8%
OI Control
Calls 2.0×
calls control the chain
Realized vs Normal
42%
within IV expectations
Summary Pivots
Max Pain
$99.50
destroys most premium
All-OI Equilibrium
$100.66
OI-weighted center
Today's Equilibrium
$100.61
volume-weighted center
What Matters Mostas of 14:57 EST
Bulls
Massive 14,459 call open interest at 100.00 strike anchors downside gamma support
Three put-heavy support strikes from 88.00 to 95.00 total over 27,700 contracts
Call skew dominates above market with 9,951 calls at 105.00 resistance level
Bears
Five resistance strikes from 103.00 to 115.00 stack 18,370 net long delta overhead
Nearest gamma pin at 100.00 lies below current levels, capping rallies
Short-term supply relief pressuring despite 30-day rally of 34% from fundamentals
Watch — The 100.00 strike holds 14,459 calls and marks the critical gamma pivot separating bullish positioning below from layered resistance through 105.00 above.
Key Levels
$115.00RESISTCall OI wall above price — resistance3,686
$112.00RESISTCall OI wall above price — resistance2,126
$108.00RESISTCall OI wall above price — resistance2,232
$105.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here9,951
$103.00RESISTCall OI wall above price — resistance2,516
$100.00MAGNETNet-OI magnet — gamma pivot · dealer hedging accelerates here—
$95.00SUPPORTPut OI wall below price — support4,741
$92.00SUPPORTPut OI wall below price — support2,198
$90.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here15,357
$88.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here7,742
$85.00MAGNETNet-OI magnet — gamma pivot · dealer hedging accelerates here9,116
$84.00SUPPORTPut OI wall below price — support3,483
All Open Interest
Calls Control the Chain 2.0 : 1
Total Open Interest Calls 64,295 | Puts 32,848
Average Strike Calls 101.79 | Puts 98.44
Avg Strike — All 100.66
In-the-MoneyCalls 50.1% | Puts 28.4%
Strike Control29 Call-Led | 11 Put-Led of 40
Heavy Call Strikes
14,459 @ 1009,951 @ 1052,624 @ 104
Heavy Put Strikes
4,741 @ 952,594 @ 1052,198 @ 92
Heavy Combined Strikes
14,459 @ 10012,545 @ 1054,741 @ 95
Traded Today
Puts Control Today's Flow 1.3 : 1
Total Volume Calls 42,850 | Puts 54,090
Average Strike Calls 102.27 | Puts 99.29
Avg Strike — All 100.61
Heavy Call Strikes (today)
6,672 @ 1024,318 @ 1014,163 @ 100
Heavy Put Strikes (today)
9,733 @ 1005,092 @ 1014,813 @ 98
Heavy Combined Strikes (today)
13,896 @ 10010,820 @ 1029,410 @ 101
OI Magnets
LO 20260917 · 0 DTE · spot $101.80 · bar = open interest
OI MAGNET
$100.00
OI 14,459 · -1.80 to spot
PutStrikeCall
9
111.5
539
13
111
665
25
110.5
285
26
110
0
22
109.5
349
31
109
1,156
129
108.5
745
28
108
2,232
125
107.5
479
126
107
1,462
75
106.5
604
561
106
1,906
97
105.5
870
2,594
105
9,951
475
104.5
1,006
1,686
104
2,624
412
103.5
994
0
103
2,516
1,277
102.5
1,327
1,607
102
2,387
1,021
101.5
1,362
2,154
101
2,014
611
100.5
626
0
100
14,459
831
99.5
361
1,619
99
464
486
98.5
396
0
98
1,514
918
97.5
413
1,333
97
1,785
1,045
96.5
347
1,351
96
1,691
0
95.5
553
4,741
95
0
564
94.5
1,481
1,474
94
1,847
983
93.5
571
1,066
93
0
1,135
92.5
2,314
2,198
92
0
Volatility & Market Expectations
ATM Implied Volatility76.1%
IV vs 20-day average▲ rising (was 50.8%)
Expected move (to expiry, ±1σ)±$4.05 ($97.75 – $105.85)
Implied Volatility Curve
Today Yesterday 1 Week Ago
NET OI (contracts) · calls ▲ / puts ▼ +14,459 85%170%255%340%425%510% 80859095100105110115120 ATM 101.8 VOLATILITY (ANNUAL %) STRIKE
Realized vs Normal Range
Normal 1-Day (±1σ)±$4.05
Normal 3-Day±$7.02
1-Day Realized$3.37
3-Day Realized$7.65
Realized vs Normal (1D)42%
Realized vs Normal (3D)54%
What the Vol Is Telling Us

Options positioning reflects recent realized volatility from the 99.10-102.47 session range, with heavy gamma concentration at round strikes 100.00 and 105.00 suggesting dealers will dampen moves between these boundaries. The call-skewed structure above market implies participants are hedging continued upside despite near-term supply relief, consistent with the sharp 19% three-month rally. Elevated put volume at deep strikes 88.00-90.00 shows tail-risk hedging remains in place even as immediate geopolitical fears ease.

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