The Traders Brief Options Snapshot
Monday, July 20, 2026 (03:00 PM)
Light Sweet Crude Oil (CL)
Expiration: 2026-08-17 (28 Days)
Strike Analysis Range: $74.79 to $91.41 ($83.10 ±10%)

A. Volatility Analysis & Market Expectations
  * ATM Implied Volatility: 60.7%
  * Today's Realized Range: $5.02
  * Normal 1-Day Range (1 SD): ±$2.64
  * Realized vs. Normal: 95%
  * 3-Day Realized Range: $6.67
  * Normal 3-Day Range: ±$4.57
  * Realized vs. Normal: 73%
  * Expected Move (1 SD): ±$13.96 (range $69.14 to $97.06)

B. Options - All Open Interest
  * Calls Control the Chain by a Ratio of: 1.7 to 1
  * Total Open Interest: Calls 109,707 | Puts 63,414
  * Average Strike: Calls 82.13 | Puts 79.62
  * Average Strike for All Calls & Puts - 81.21
  * Heavy Call Strikes - 19,503 @ 85.00 | 17,085 @ 75.00 | 14,901 @ 80.00
  * Heavy Put Strikes - 19,901 @ 75.00 | 7,941 @ 80.00 | 3,954 @ 78.00
  * Heavy Combined Strikes - 36,986 @ 75.00 | 23,162 @ 85.00 | 22,842 @ 80.00

C. Options - Traded Today
  * Calls Lead Volume by a ratio of 2.0 to 1
  * Today's Volume: Calls 12,617 | Puts 6,418
  * Average Strike Traded Today: Calls 84.12 | Puts 78.12
  * Average Strike - Combined Traded Today - 82.10
  * Heavy Call Strikes Today - 4,144 @ 85.00 | 2,003 @ 80.00 | 1,664 @ 90.00
  * Heavy Put Strikes Today - 2,100 @ 75.00 | 986 @ 80.00 | 717 @ 77.00

D. Summary - What Matters Most
  * Bulls Need Price Above > 82.13, Bears Need Price Below < 79.62
  * Battle Zone Strikes: 79.62 to 82.13. Chain Average Strike - All Options - 81.21.
  * Currently in the Money: All Calls 56% | All Puts 21%
  * Who Controls the Strikes?: Bulls (calls) 26 | Bears (puts) 7 (of 33 total)
  * Max Pain @ 78.50 destroys the greatest amount of premium ($234,125 intrinsic value)
  ** Max Pain - 78.50 | Break Above=Bullish | Break Below=Bearish
  ** Bull-Bear Line - All Open Interest - 81.21 | Break Above=Bullish | Break Below=Bearish
  ** Bull-Bear Line - Today's Options - 82.10 | Break Above=Bullish | Break Below=Bearish

E. Thesis - Bulls / Bears / Watch
  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.

This information is for the use of approved subscribers and may not be published, transmitted, reproduced, modified, posted, or distributed in any form without written consent from The Traders Brief. (c)2026 The Traders Brief. All rights reserved.