The Traders Brief©
Options Snapshot©
as of 15:00 ET · live · ● live-ready
Copper Options
HG · CLASS HXE · EXP 07-28 ⟶ HGU6
Spot
$6.35
H 6.36L 6.21
▲ +0.08 (+1.34%)
as of 13:59 EST
6.21
6.36 Day Range
ATM Implied Vol
27.6%
—
OI Control
Puts 1.0×
puts control the chain
Realized vs Normal
79%
within IV expectations
Summary Pivots
Max Pain
$6.25
destroys most premium
All-OI Equilibrium
$6.32
OI-weighted center
Today's Equilibrium
$6.41
volume-weighted center
What Matters Most
Bulls
Strong put wall at 6.00 (net -2,112 OI) may provide firm support
Additional downside buffer at 5.80 with net -1,833 gamma concentration
Layered support zones from 6.15 down to 5.60 could limit drawdowns
Bears
Heavy call resistance at 7.00 (net +3,505 OI) caps upside momentum
Today's low at 6.2140 tested near 6.15 support, downside pressure evident
Multiple gamma resistance strikes from 6.75 to 7.50 create overhead supply
Watch — The 6.00 strike is the critical support level with -2,112 net OI and significant gamma, defining the near-term floor.
Key Levels
$7.25RESISTCall OI wall above price — resistance1,016
$7.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here3,505
$6.90RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here1,609
$6.75RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here1,922
$6.50RESISTCall OI wall above price — resistance714
$6.15SUPPORTPut OI wall below price — support807
$6.10SUPPORTPut OI wall below price — support688
$6.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here2,160
$5.80SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here2,085
$5.60SUPPORTPut OI wall below price — support563
All Open Interest
Puts Control the Chain 1.0 : 1
Total Open Interest Calls 10,758 | Puts 10,814
Average Strike Calls 6.58 | Puts 6.06
Avg Strike — All 6.32
In-the-MoneyCalls 21.1% | Puts 13.9%
Strike Control26 Call-Led | 11 Put-Led of 39
Heavy Call Strikes
1,922 @ 6.751,609 @ 6.9802 @ 6.7
Heavy Put Strikes
2,160 @ 62,085 @ 5.8807 @ 6.15
Heavy Combined Strikes
2,337 @ 5.82,208 @ 61,924 @ 6.75
Traded Today
Calls Control Today's Flow 2.5 : 1
Total Volume Calls 459 | Puts 182
Average Strike Calls 6.49 | Puts 6.19
Avg Strike — All 6.41
Heavy Call Strikes (today)
185 @ 6.4595 @ 6.357 @ 6.5
Heavy Put Strikes (today)
77 @ 6.2532 @ 6.331 @ 6
Heavy Combined Strikes (today)
185 @ 6.45127 @ 6.378 @ 6.25
OI Magnets
HXE 20260728 · 8 DTE · spot $6.35 · bar = open interest
OI MAGNET
$5.80
OI 2,337 · -0.55 to spot
PutStrikeCall
0
6.95
142
0
6.91
6
0
6.9
1,609
0
6.89
13
0
6.86
5
0
6.85
218
0
6.84
1
0
6.81
9
0
6.8
219
0
6.79
51
0
6.76
86
2
6.75
1,922
0
6.74
14
311
6.7
802
0
6.66
1
6
6.65
315
0
6.61
4
37
6.6
633
0
6.56
3
214
6.55
626
0
6.54
15
82
6.5
714
50
6.45
292
707
6.4
491
95
6.35
295
206
6.3
399
565
6.25
508
639
6.2
753
807
6.15
110
688
6.1
78
636
6.05
84
2,160
6
48
221
5.95
2
346
5.9
27
502
5.85
11
2,085
5.8
252
455
5.75
0
Volatility & Market Expectations
ATM Implied Volatility27.6%
IV vs 20-day average—
Expected move (to expiry, ±1σ)±$0.26 ($6.09 – $6.61)
Implied Volatility Curve
Today Yesterday 1 Week Ago
NET OI (contracts) · calls ▲ / puts ▼ −2,112 25%30%35%40%45%50%55%60% 5.005.255.505.756.006.256.506.757.007.257.50 ATM 6.349 VOLATILITY (ANNUAL %) STRIKE
Realized vs Normal Range
Normal 1-Day (±1σ)±$0.09
Normal 3-Day±$0.16
1-Day Realized$0.14
3-Day Realized$0.23
Realized vs Normal (1D)79%
Realized vs Normal (3D)71%
What the Vol Is Telling Us

The options structure shows asymmetric positioning with dense call resistance overhead (7.00, 6.90, 6.75) and concentrated put support below (6.00, 5.80), suggesting dealers are short gamma above spot and long gamma below. This configuration typically dampens realized volatility in range-bound trade. With spot at 6.3490 between major zones, implied volatility likely reflects the risk of a breakout beyond 7.00 resistance or 6.00 support, though the heavy OI walls suggest range persistence is more probable.

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