The Traders Brief©
Options Snapshot©
as of 15:00 ET · live · ● live-ready
Silver Options
SI · CLASS SO · EXP 07-28 ⟶ SIU6
Spot
$56.98
H 57.76L 55.76
▲ +0.65 (+1.15%)
as of 13:58 EST
55.76
57.76 Day Range
ATM Implied Vol
41.3%
prior session (pre-open)
OI Control
Puts 5.1×
puts control the chain
Realized vs Normal
81%
within IV expectations · vs prior-session IV
Summary Pivots
Max Pain
$58.00
destroys most premium
All-OI Equilibrium
$55.58
OI-weighted center
Today's Equilibrium
$56.11
volume-weighted center
What Matters Most
Bulls
Net -471 at 55.00 creates nearby support floor with heavy put OI of 498
Net -447 at 53.75 and -483 at 50.00 form layered gamma support below
Call OI builds at 67.00 (383 contracts) showing positioning for upside reversal
Bears
Trading near 56.98 with intraday low at 55.76 pressuring key 55.00 support level
Net +243 gamma at 67.00 and +151 at 66.75 create overhead resistance wall
Net -300 at 62.00 with 508 put OI signals dealer hedging for downside risk
Watch — The 55.00 strike with net -471 is critical support; a break below risks accelerating losses toward 53.75.
Key Levels
$59.00RESISTCall OI wall above price — resistance162
$58.75RESISTCall OI wall above price — resistance85
$55.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here498
$53.75SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here447
$53.50SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here231
$52.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here228
$50.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here504
All Open Interest
Puts Control the Chain 5.1 : 1
Total Open Interest Calls 775 | Puts 3,942
Average Strike Calls 57.69 | Puts 55.16
Avg Strike — All 55.58
In-the-MoneyCalls 24.0% | Puts 24.9%
Strike Control2 Call-Led | 30 Put-Led of 45
Heavy Call Strikes
162 @ 59103 @ 5885 @ 58.75
Heavy Put Strikes
498 @ 55447 @ 53.75260 @ 57
Heavy Combined Strikes
525 @ 55447 @ 53.75331 @ 57
Traded Today
Puts Control Today's Flow 1.8 : 1
Total Volume Calls 255 | Puts 469
Average Strike Calls 57.96 | Puts 55.11
Avg Strike — All 56.11
Heavy Call Strikes (today)
85 @ 58.547 @ 5832 @ 57
Heavy Put Strikes (today)
116 @ 5564 @ 5648 @ 57
Heavy Combined Strikes (today)
116 @ 5585 @ 58.580 @ 57
OI Magnets
SO 20260728 · 8 DTE · spot $56.98 · bar = open interest
OI MAGNET
$55.00
OI 525 · -1.98 to spot
PutStrikeCall
45
59.25
0
0
59
162
31
58.75
85
84
58.5
56
87
58.25
35
143
58
103
159
57.75
23
110
57.5
41
64
57.25
13
260
57
71
34
56.75
27
103
56.5
32
61
56.25
26
257
56
33
81
55.75
14
201
55.5
9
74
55.25
3
498
55
27
32
54.75
1
66
54.5
2
63
54.25
3
199
54
7
447
53.75
0
231
53.5
1
45
53.25
0
155
53
0
7
52.75
0
111
52.5
0
7
52.25
0
228
52
0
18
51.75
0
41
51.5
1
Volatility & Market Expectations
ATM Implied Volatility41.3%
IV vs 20-day average—
Expected move (to expiry, ±1σ)±$3.49 ($53.49 – $60.46)
Implied Volatility Curve
Today Yesterday 1 Week Ago
NET OI (contracts) · calls ▲ / puts ▼ −471 40%45%50%55%60%65%70% 464850525456586062646668 ATM 56.975 VOLATILITY (ANNUAL %) STRIKE
Realized vs Normal Range
Normal 1-Day (±1σ)±$1.23
Normal 3-Day±$2.13
1-Day Realized$2.00
3-Day Realized$3.23
Realized vs Normal (1D)81%
Realized vs Normal (3D)76%
What the Vol Is Telling Us

The options structure shows asymmetric positioning: heavy put OI dominates below spot at 55.00, 53.75, and 50.00, creating negative gamma zones that could amplify moves if triggered. Above current price, dealer short gamma at 62.00 (net -300) sits below thick call resistance at 67.00 (net +243), suggesting limited upside mobility. Realized volatility from today's 55.76-57.75 range points to implied volatility expectations being tested at these inflection strikes.

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