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
$7,515.00
H 7552.00L 7482.00
▲ +17.25 (+0.23%)
as of 14:18 EST
7482.00
7552.00 Day Range
ATM Implied Vol
14.4%
▼ falling from 15.0%
OI Control
Puts 1.1×
puts control the chain
Realized vs Normal
62%
within IV expectations
Summary Pivots
Max Pain
$7,450.00
destroys most premium
All-OI Equilibrium
$7,421.66
OI-weighted center
Today's Equilibrium
$7,585.74
volume-weighted center
What Matters Most
Bulls
Spot rallied 35 points from overnight lows, climbing through 7515 ahead of earnings
Strong support ladder at 7350, 7200, and 7000 with heavy put OI concentrations
Net negative 12,144 contracts at 7000 strike creates meaningful gamma support floor
Bears
Heavy resistance cluster from 7800 to 8500 with net positive 42,366 contracts overhead
7800 strike holds 12,596 net positive with 13,007 call OI blocking near-term upside
Spot opened below prior close of 7516.75 despite intraday recovery attempt
Watch — Watch 7800 strike with net +12,596 contracts as the critical resistance zone; break above could trigger gamma acceleration toward 8000-8500.
Key Levels
$8,500.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here9,343
$8,100.00RESISTCall OI wall above price — resistance6,825
$8,000.00RESISTCall OI wall above price — resistance7,323
$7,950.00RESISTCall OI wall above price — resistance6,722
$7,800.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here13,007
$7,350.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here9,713
$7,200.00SUPPORTPut OI wall below price — support10,552
$7,000.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here16,260
$6,850.00SUPPORTPut OI wall below price — support9,017
$6,800.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here15,479
All Open Interest
Puts Control the Chain 1.1 : 1
Total Open Interest Calls 131,641 | Puts 139,545
Average Strike Calls 7669.22 | Puts 7188.13
Avg Strike — All 7421.66
In-the-MoneyCalls 32.3% | Puts 17.9%
Strike Control32 Call-Led | 28 Put-Led of 60
Heavy Call Strikes
13,007 @ 78007,323 @ 80007,249 @ 7400
Heavy Put Strikes
16,260 @ 700015,479 @ 680011,299 @ 7550
Heavy Combined Strikes
20,376 @ 700016,612 @ 680016,595 @ 7550
Traded Today
Calls Control Today's Flow 1.4 : 1
Total Volume Calls 10,770 | Puts 7,721
Average Strike Calls 7836.43 | Puts 7236.07
Avg Strike — All 7585.74
Heavy Call Strikes (today)
1,396 @ 79001,365 @ 77001,094 @ 8100
Heavy Put Strikes (today)
786 @ 7375703 @ 7500556 @ 7125
Heavy Combined Strikes (today)
1,554 @ 77001,396 @ 79001,260 @ 7600
OI Magnets
ES 20260918 · 60 DTE · spot $7,515.00 · bar = open interest
OI MAGNET
$7,000.00
OI 20,376 · -515.00 to spot
PutStrikeCall
2
8250
3,859
0
8225
322
0
8200
4,031
0
8175
461
0
8150
1,588
0
8125
506
9
8100
6,825
2
8075
1,460
23
8050
2,354
0
8025
694
295
8000
7,323
17
7975
430
133
7950
6,722
27
7925
1,406
684
7900
5,390
35
7875
1,624
161
7850
3,704
30
7825
1,162
411
7800
13,007
50
7775
960
391
7750
2,883
105
7725
717
2,039
7700
0
98
7675
537
3,293
7650
3,207
360
7625
696
0
7600
5,530
773
7575
1,172
11,299
7550
5,296
4,743
7525
5,240
4,563
7500
4,737
909
7475
889
3,021
7450
4,423
353
7425
535
5,059
7400
7,249
859
7375
425
9,713
7350
1,524
1,998
7325
54
0
7300
3,960
854
7275
109
6,644
7250
2,216
598
7225
52
10,552
7200
3,266
470
7175
122
3,687
7150
724
3,203
7125
22
6,162
7100
1,596
496
7075
7
2,783
7050
797
1,064
7025
20
16,260
7000
4,116
484
6975
0
1,454
6950
949
3,133
6925
0
4,680
6900
1,878
470
6875
0
9,017
6850
1,732
302
6825
0
15,479
6800
1,133
298
6775
0
Volatility & Market Expectations
ATM Implied Volatility14.4%
IV vs 20-day average▼ falling (was 15.0%)
Expected move (to expiry, ±1σ)±$438.60 ($7,076.40 – $7,953.60)
Implied Volatility Curve
Today Yesterday 1 Week Ago
NET OI (contracts) · calls ▲ / puts ▼ −14,346 10%15%20%25%30%35% 6000625065006750700072507500775080008250850087509000 ATM 7515 VOLATILITY (ANNUAL %) STRIKE
Realized vs Normal Range
Normal 1-Day (±1σ)±$56.62
Normal 3-Day±$98.07
1-Day Realized$70.00
3-Day Realized$159.00
Realized vs Normal (1D)62%
Realized vs Normal (3D)81%
What the Vol Is Telling Us

The options structure reveals a pronounced skew with five resistance strikes above price versus five support strikes below, suggesting elevated implied volatility in upside calls. Today's 70-point intraday range (7482-7552) reflects realized volatility pickup as markets digest last week's semiconductor selloff ahead of Mag 7 earnings. The 7800 strike's 13,007 call OI versus 411 puts signals dealers are short gamma above current levels, potentially dampening rallies. Put-heavy strikes at 7000 (16,260 OI) and 6800 (15,479 OI) indicate hedging demand remains robust below the market.

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