The Traders Brief©
Options Snapshot©
as of 15:00 ET · live · ● live-ready
E-mini S&P Options
ES · CLASS ES · EXP 2026-09-18
Spot
$7,638.25
H 7654.50L 7551.50
▲ +81.75 (+1.08%)
as of 14:44 EST
7551.50
7654.50 Day Range
ATM Implied Vol
11.8%
▼ falling from 15.0%
OI Control
Puts 1.1×
puts control the chain
Realized vs Normal
109%
exceeds IV expectations
Summary Pivots
Max Pain
$7,570.00
destroys most premium
All-OI Equilibrium
$7,555.57
OI-weighted center
Today's Equilibrium
$7,567.33
volume-weighted center
What Matters Mostas of 14:45 EST
Bulls
Heavy put open interest at 6600 (-20,984 net) offers strong downside support
Stacked support zone from 6600-7200 shows 75,547 put contracts defending lows
Call open interest dominates above 7800, skew tilts bullish into dips
Bears
Fed rate hike to 3.75-4% pressures risk assets with further tightening possible
Massive call wall at 8000 (+13,702 net) caps upside with gamma resistance
Five-day MA below 30-day MA signals deteriorating momentum into rate decision
Watch — The 7200 strike (-13,157 net) is the nearest major gamma support; a break below activates cascading selling pressure toward the 7000-6800 zone where 36,000+ puts concentrate.
Key Levels
$8,500.00RESISTCall OI wall above price — resistance10,604
$8,300.00RESISTCall OI wall above price — resistance8,984
$8,200.00RESISTCall OI wall above price — resistance9,564
$8,000.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here13,821
$7,800.00RESISTCall OI wall above price — resistance11,925
$7,200.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here15,921
$7,000.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here18,913
$6,800.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here17,078
$6,700.00SUPPORTPut OI wall below price — support12,955
$6,600.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here21,332
All Open Interest
Puts Control the Chain 1.1 : 1
Total Open Interest Calls 230,202 | Puts 257,829
Average Strike Calls 7807.06 | Puts 7331.03
Avg Strike — All 7555.57
In-the-MoneyCalls 26.9% | Puts 10.6%
Strike Control90 Call-Led | 146 Put-Led of 258
Heavy Call Strikes
13,821 @ 800011,925 @ 78009,803 @ 7900
Heavy Put Strikes
18,913 @ 700015,921 @ 720014,547 @ 7500
Heavy Combined Strikes
23,064 @ 700018,899 @ 760018,685 @ 7200
Traded Today
Puts Control Today's Flow 1.6 : 1
Total Volume Calls 51,386 | Puts 82,273
Average Strike Calls 7755.64 | Puts 7449.72
Avg Strike — All 7567.33
Heavy Call Strikes (today)
5,000 @ 80104,673 @ 76504,026 @ 7700
Heavy Put Strikes (today)
8,961 @ 71008,731 @ 76007,064 @ 7650
Heavy Combined Strikes (today)
11,737 @ 765010,146 @ 76008,961 @ 7100
OI Magnets
ES 20260918 · 1 DTE · spot $7,638.25 · bar = open interest
OI MAGNET
$7,000.00
OI 23,064 · -638.25 to spot
PutStrikeCall
0
8400
3,932
0
8375
557
0
8350
1,634
0
8325
2,695
0
8300
8,984
0
8275
2,863
1
8250
3,649
0
8225
1,272
196
8200
9,564
0
8150
4,049
0
8130
274
0
8110
294
13
8100
8,532
0
8090
405
0
8080
328
4
8075
2,554
0
8070
659
0
8060
232
0
8055
67
82
8050
4,647
0
8045
94
1
8040
268
0
8035
24
0
8030
547
4
8025
0
0
8015
149
0
8010
516
0
8005
155
119
8000
13,821
0
7990
994
0
7980
145
0
7975
2,365
0
7970
1,126
0
7960
1,117
0
7955
214
216
7950
8,686
0
7945
67
2
7940
633
2
7930
0
2
7920
829
0
7915
4
0
7910
563
0
7905
100
870
7900
9,803
0
7895
53
4
7890
662
0
7885
8
5
7880
752
321
7875
0
2
7870
830
0
7865
536
22
7860
1,664
0
7855
1,543
292
7850
6,873
0
7840
1,467
0
7830
1,115
272
7825
0
259
7820
540
0
7815
350
0
7810
1,793
3
7805
1,112
1,913
7800
11,925
0
7795
462
0
7790
890
0
7785
312
112
7780
1,367
1,425
7775
0
162
7770
588
0
7765
409
184
7760
1,569
1
7755
540
1,655
7750
5,727
6
7745
283
345
7740
0
4
7735
214
311
7730
1,633
1,083
7725
0
457
7720
741
14
7715
293
567
7710
1,106
0
7705
301
4,956
7700
8,222
60
7695
311
696
7690
964
118
7685
394
677
7680
1,188
1,805
7675
1,902
642
7670
0
125
7665
1,050
0
7660
674
177
7655
321
5,458
7650
4,746
355
7645
247
1,414
7640
1,235
476
7635
143
0
7630
643
2,711
7625
0
1,214
7620
0
362
7615
0
646
7610
0
371
7605
280
11,047
7600
7,852
347
7595
0
0
7590
806
361
7585
223
708
7580
324
4,052
7575
1,438
583
7570
188
214
7565
205
818
7560
299
657
7555
156
12,380
7550
2,888
308
7545
145
743
7540
121
343
7535
134
788
7530
0
6,728
7525
5,403
1,895
7520
120
335
7515
44
566
7510
49
0
7505
73
14,547
7500
4,045
884
7495
41
475
7490
0
229
7485
27
999
7480
22
2,106
7475
1,764
724
7470
15
322
7465
7
614
7460
21
251
7455
5
7,781
7450
4,910
529
7440
3
197
7435
0
2,462
7425
0
512
7420
11
122
7415
0
0
7410
2
418
7405
0
10,651
7400
7,314
155
7395
0
220
7385
0
599
7380
0
256
7370
0
88
7365
0
380
7360
0
285
7355
0
13,099
7350
1,742
205
7345
0
387
7340
1
147
7335
0
340
7330
1
3,779
7325
215
652
7320
8
74
7315
0
533
7310
2
189
7305
0
6,173
7300
4,189
217
7295
1
216
7290
0
265
7285
0
564
7280
0
3,219
7275
166
395
7270
0
204
7265
0
378
7260
0
624
7255
0
9,390
7250
2,304
278
7245
1
384
7240
1
207
7230
0
1,097
7225
0
236
7220
0
230
7215
0
540
7210
0
128
7205
0
15,921
7200
2,764
325
7195
0
55
7185
0
263
7180
0
0
7175
172
499
7170
1
245
7160
0
190
7155
0
4,540
7150
811
184
7145
0
422
7140
0
175
7135
0
277
7130
0
0
7125
62
203
7120
0
58
7115
0
337
7110
0
130
7105
0
10,183
7100
1,614
165
7095
0
424
7090
0
32
7085
0
99
7080
0
2,819
7075
0
169
7065
0
104
7055
0
8,936
7050
1,096
103
7045
0
303
7040
0
28
7035
0
115
7030
0
0
7025
43
128
7020
0
268
7015
0
203
7010
0
67
7005
0
18,913
7000
4,151
56
6995
0
203
6990
0
22
6985
0
624
6980
0
1,062
6975
6
644
6970
0
279
6965
0
236
6955
0
2,675
6950
948
79
6945
0
387
6940
0
6
6935
0
2,482
6925
0
463
6920
0
102
6915
0
349
6910
0
156
6905
0
12,650
6900
1,859
108
6895
0
45
6890
0
2
6885
0
35
6880
0
2,258
6875
0
Volatility & Market Expectations
ATM Implied Volatility11.8%
IV vs 20-day average▼ falling (was 15.0%)
Expected move (to expiry, ±1σ)±$47.29 ($7,590.96 – $7,685.54)
Implied Volatility Curve
Today Yesterday 1 Week Ago
NET OI (contracts) · calls ▲ / puts ▼ −14,762 20%40%60%80%100% 6000650070007500800085009000 ATM 7638.25 VOLATILITY (ANNUAL %) STRIKE
Realized vs Normal Range
Normal 1-Day (±1σ)±$47.29
Normal 3-Day±$81.92
1-Day Realized$103.00
3-Day Realized$145.25
Realized vs Normal (1D)109%
Realized vs Normal (3D)89%
What the Vol Is Telling Us

Positioning reflects a market bracketed by heavy gamma at 8000 resistance and 7200 support, with dealers likely short gamma between these bounds. The Fed's hawkish pivot and elevated Treasury yields suggest realized volatility may continue climbing, yet the skew remains defensive with put concentration at 6600-7000 implying demand for downside protection outweighs upside conviction.

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