The Traders Brief©
Options Snapshot©
as of 15:00 ET · live · ● live-ready
Silver Options
SI · CLASS SO · EXP 09-24 ⟶ SIZ6
Spot
$66.17
H 66.67L 63.28
▲ +1.25 (+1.93%)
as of 14:15 EST
63.28
66.67 Day Range
ATM Implied Vol
36.1%
▼ falling from 42.8%
OI Control
Calls 1.2×
calls control the chain
Realized vs Normal
136%
exceeds IV expectations
Summary Pivots
Max Pain
$66.00
destroys most premium
All-OI Equilibrium
$66.18
OI-weighted center
Today's Equilibrium
$66.10
volume-weighted center
What Matters Mostas of 14:16 EST
Bulls
Heavy put wall at 61.75 (net -577) offers strong support below current levels
Second put concentration at 60.00 (net -436) reinforces downside protection zone
Triple support stack at 63.00, 62.00, 61.75 creates defensive floor for buyers
Bears
Multi-layered call resistance: 66.25, 68.00, 70.00 all show net positive gamma
Fed hiked 25bp to 3.75%-4.00% with more expected, raising opportunity cost
10-year Treasury yield topping 5% increases headwind for non-yielding silver assets
Watch — The 63.00 strike marks the nearest support level where put concentration (net -322) begins; a break below exposes the 61.75-62.00 high-gamma put zone.
Key Levels
$75.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here879
$72.50RESISTCall OI wall above price — resistance366
$70.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here823
$68.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here665
$66.25RESISTCall OI wall above price — resistance390
$63.00SUPPORTPut OI wall below price — support401
$62.00SUPPORTPut OI wall below price — support369
$61.75SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here591
$60.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here541
$59.00SUPPORTPut OI wall below price — support299
All Open Interest
Calls Control the Chain 1.2 : 1
Total Open Interest Calls 6,281 | Puts 5,382
Average Strike Calls 68.02 | Puts 64.03
Avg Strike — All 66.18
In-the-MoneyCalls 24.7% | Puts 25.0%
Strike Control24 Call-Led | 27 Put-Led of 53
Heavy Call Strikes
823 @ 70665 @ 68501 @ 65
Heavy Put Strikes
591 @ 61.75541 @ 60512 @ 65
Heavy Combined Strikes
1,013 @ 65990 @ 70811 @ 68
Traded Today
Calls Control Today's Flow 2.0 : 1
Total Volume Calls 1,000 | Puts 490
Average Strike Calls 67.35 | Puts 63.55
Avg Strike — All 66.10
Heavy Call Strikes (today)
160 @ 70128 @ 6689 @ 67.5
Heavy Put Strikes (today)
73 @ 6048 @ 6439 @ 65
Heavy Combined Strikes (today)
166 @ 70161 @ 66119 @ 65
OI Magnets
SO 20260924 · 7 DTE · spot $66.17 · bar = open interest
OI MAGNET
$65.00
OI 1,013 · -1.17 to spot
PutStrikeCall
2
72.75
17
3
72.5
366
92
72.25
41
11
72
312
17
71.75
75
3
71.5
40
7
71.25
19
27
71
259
7
70.75
74
16
70.5
121
26
70.25
99
167
70
823
18
69.75
31
35
69.5
213
40
69.25
30
91
69
177
9
68.75
33
62
68.5
142
31
68.25
90
146
68
665
34
67.75
33
121
67.5
237
41
67.25
58
191
67
304
20
66.75
23
74
66.5
60
54
66.25
390
192
66
189
74
65.75
73
28
65.5
107
56
65.25
39
512
65
501
13
64.75
13
27
64.5
25
39
64.25
39
177
64
89
23
63.75
18
53
63.5
5
49
63.25
10
401
63
79
15
62.75
4
120
62.5
55
23
62.25
16
369
62
33
591
61.75
14
118
61.5
6
101
61.25
2
237
61
90
40
60.75
7
106
60.5
19
100
60.25
4
541
60
105
32
59.75
7
Volatility & Market Expectations
ATM Implied Volatility36.1%
IV vs 20-day average▼ falling (was 42.8%)
Expected move (to expiry, ±1σ)±$3.31 ($62.87 – $69.48)
Implied Volatility Curve
Today Yesterday 1 Week Ago
NET OI (contracts) · calls ▲ / puts ▼ +656 35%40%45%50%55%60% 52.55557.56062.56567.57072.57577.580 ATM 66.175 VOLATILITY (ANNUAL %) STRIKE
Realized vs Normal Range
Normal 1-Day (±1σ)±$1.25
Normal 3-Day±$2.16
1-Day Realized$3.39
3-Day Realized$3.92
Realized vs Normal (1D)136%
Realized vs Normal (3D)91%
What the Vol Is Telling Us

The options structure shows a defensive tilt, with concentrated put open interest clustered tightly between 60.00 and 63.00 versus diffuse call walls spread across 66.25 through 75.00. Implied volatility has likely elevated given the 63.28-66.67 session range and macro uncertainty from Fed tightening. The proximity to triple support suggests realized volatility may increase if those levels are tested, potentially rewarding put sellers at lower strikes or straddle buyers near current positioning.

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